The IRNA news agency reported that the largest phase of the South Pars gas field, phase 12, will start early production in the next Iranian calendar year (begins on March 20th 2012).

The Phase 12 of the South Pars gas field is projected to have an output of 78 million cubic meters of sour gas, 110,000 barrels of condensates and 750 tonnes of sulfur on a daily basis.

Mr Ahmad Qalebani MD of National Iranian Oil Company said in November 2011 that some USD 7.746 billion of credit has been allocated to the development of phase 12. He added that the phase 12 (equivalent to three phases), and the phases 15, 16, 17, and 18 development plans have progressed by around 60%.

Oil minister Mr Rostam Qasemi has ordered all the contractors of the South Pars gas field development projects to work round the clock in three shifts to complete development of all phases, especially the phases 12, 15, 16, 17 and 18.

Iran has attached the priority on boosting gas production capacity from its joint oilfields with Qatar and Saudi Arabia. Iran sits on the world's second largest natural gas reserves after Russia and is trying to grow its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.

The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about 8% of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.

(Sourced from IRNA)