South Pars development "complete by 2018"
Iran's soaring petrochemical production levels will drive a dramatic spike in domestic gas consumption
Development of Iran’s gargantuan South Pars gas field is forecast to be 100% complete by March 2018, according to Mehdi Yousefi, managing-director of Pars Special Economic Energy Zone.
South Pars currently has 29 phases and is already producing 450 million cubic metres of gas per day. South Pars reportedly makes up 50% of Iran’s total gas reserves. The field is said to hold 8% of global gas reserves.
Over the last twelve months, production levels at South Pars have increased by 120 mcm per day, as new phases of the project have come online.
As international sanctions against Iran continue to soften, the Islamic Republic will increase its upstream gas production levels to fuel its ethane cracker driven downstream sector.
Iran has set itself the lofty ambition of tripling its downstream product production levels inside a decade – a task that will see its domestic gas usage increase exponentially. Iran aims to produce 180mn tonnes of petrochemical products by 2025. The continued cultivation of the South Pars field will be absolutely key to the realisation of that dream.