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2014-06-22 15:15:00

OIL: IRAN INCREASES

OIL: IRAN INCREASES

Iran plans to increase the output from its South Pars Field to 540 million cubic metres per day, according to the country's oil Minister, Namdar Zanganeh.

"Increasing gas output of the South Pars is among the priorities of the oil ministry and we should materialize this important goal by developing its phases," he told the Iranian news group Fars News Agency.

"Due to the efforts of the oil industry, in the current conditions over 320mln cm/d of gas is extracted from the different phases of the South Pars gas field and this will increase to 420mln cm/d in the second half of the next year," he added.

Namdar Zanganeh also said that the South Pars gas field's output will increase to 540mln cm/d by the end of the next Iranian year (March 2016).

The South Pars gas field, divided into 28 phases, is located in the Arabian Gulf on the common border between Iran and Qatar. The field is estimated to hold 14 trillion cubic meters of gas as well as 18 billion barrels of condensates.

The field covers an area of 9,700 square kilometers, 3,700 square kilometers of which lie in Iran's territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, better known as the North Dome, are located in Qatar's territorial waters.

In relevant remarks in May, a senior energy official announced that all development phases of the giant South Pars gas field will be accomplished in the next three years.

"The remaining phases of South Pars project will be ready before the beginning of 2017," Managing Director of the National Iranian Oil Company (NIOC) Rokneddin Javadi told reporters on the sidelines of his visit to the 19th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran.

arabianoilandgas.com

 

Tags: IRAN, OIL

Chronicle:

OIL: IRAN INCREASES
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SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

OIL: IRAN INCREASES
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

OIL: IRAN INCREASES
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

OIL: IRAN INCREASES
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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