Iran Launches Phase 12 of Offshore South Pars Field

Iran has launched the main phase of the offshore South Pars gas field. President Hassan Rouhani, who attended the ceremony for the Phase 12, said that it is the country’s biggest gas industry project. 

“Today we feel that the petroleum industry has been nationalized in the Islamic Republic by Iranian industrialists and experts,” Rouhani commented. 

According to National Iranian Gas Company, this phase will allow the extraction of 3 bcf/d of sour and sweet gas. 

‘Phase 12 is a gigantic gas project which is totally developed by Iranian experts in absence of any foreign assistance. Phase 12 of South Pars gas field lies in south of the country close to borders with Qatar’ reads the note released by Rouhani’s office. 

Iranian authorities said that South Pars holds 40% of Iran’s gas reserves, and contains 14.2 Tcm of gas.  

In February, Bank Mellat, Iran’s biggest private bank, said it will invest $7 billion in the development of South Pars gas field.