South Pars Phase 12 Fully Complete

Phase 12, the main phase in South Pars gas field development plan, is now fully operation, according to Shana News Agency.

Pars Oil and Gas Company (POGC) was tasked with the development of the phase in 2005 and the company has now handed over the completed project to National Iranian Gas Company (NIGC) for management and operation.

Phase 12 development of South Pars, which is jointly operated by Iran and Qatar, is forecast to earn the Islamic Republic $17.5 million a day in revenue from gas condensate sales.

Divided into 29 development phases, South Pars contains 40 trillion cubic meters (tcm) of natural gas. It covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers are situated in Qatar’s territorial waters.

The gas field is estimated to contain approximately 18 billion barrels of condensate.