Iran reduces gas potential at South Pars Phase 12

Offshore staff

TEHRAN, Iran – Iran has reduced the gas resource at Phase 12 of the South Pars field in the Persian Gulf.

According to Mahmoud Javadian, drilling manager of Petro Pars, new data from appraisal wells suggest the available resource is 19 tcf (538 bcm), compared to the previous estimate of 38 tcf (1.1 tcm).

“Had the development of the South Pars gas field been prioritized before the toughening of international sanctions,” Javadian told news service Shana, “we would not have faced the current conditions.”

He added that Iran had not paid sufficient attention to the project, leading to lost time, and a $7-$8 billion overspend on exploration in recent years.

02/02/2015

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