Economy & Politico

SP Phase 11 to be put into production stage after two decades

Mohsen Khojasteh-Mehr CEO of NIOC and Deputy Oil Minister made the remarks on Saturday after his visit to the oil drilling rig installed in the B11 location of the phase and restated that, relying upon the round-the-clock efforts of industrious engineers of the National Iranian Oil Company, the development plan of South Pars Phase 11 will be put into the production stage after two decades.

Stating that the oil industry is a driving force of the economy of the country, he said that what is observed in the gas field is the result of $85 billion worth of investment made for launching this giant project in two decades which is of the honors of the Islamic Republic of Iran in international arenas.

With the estimates made in this regard, more than 700 million cubic meters of gas/day will be produced in South Pars Gas Field, he said, adding that more than 70 percent of gas needed in the country is produced from the joint gas field.

Presently, $27 billion worth of projects are being launched in the upstream sector of the South Pars Gas Field, Khojasteh-Mehr emphasized.



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