Iran's Gas Recovery from South Pars Tops 500 bcm

Iran has recovered 500 billion cubic meters (bcm) of natural gas over the past 15 years from the giant offshore South Pars Gas Field which it shares with Qatar in the Persian Gulf, Press TV said citing data from country’s Oil Ministry.

The official data indicated that Iran is recovering 285 to 300 million cubic meters (mcm) of natural gas from the massive field, divided into 28 phases. The daily gas recovery would soar past 700 mcm after the development of all phases, the report said. 

Iran has extracted 2.65 bcm of rich gas from Phase 1 of the field since the beginning of the current Persian calendar year in March 2012. Over the same period, more than 14.7 bcm of rich gas has been extracted from phases 2 and 3, 15.7 bcm from phases 3 and 4, 18.7 bcm from phases 6-8 and more than 11.11 bcm from phases 9 and 10. 

During the Iranian year ended March 2012, Iran recovered more than 84.7 bcm of natural gas from the developed South Pars phases, earning the country nearly $42 billion in revenues.

If the projected 700-800 mcm daily recovery of natural gas from South Pars is realized, the country would gain more than $120 billion a year from selling gas and its products a year. 

Covering an area of 3,700 square kilometers, South Pars gas field is located in the Persian Gulf straddling the common border between Iran and Qatar. The field's reserves are estimated at 14 trillion cubic meters of gas and 18 billion barrels of condensate.