Iranian Oil Minister: Iran prioritizing completion of ongoing projects

Iranian Oil Minister Bijan Namdar Zanganeh announced that completion of the ongoing projects is one of the top priorities of the ministry in his four-year tenure. It is not economically justifiable to launch new projects, unless current projects are completed, Zanganeh said on Saturday. In an interview broadcast on state radio, the oil minister called for swift implementation of development projects associated with the oil industry. Turning Iran into a petrochemical hub in the region and the world, increasing oil output and subsequently exports of oil and oil products are three steps to be taken by Oil Ministry in the future, he added. A report says that from the 24 phases of South Pars gas field, located some 1,000 kilometers (621 miles) South of Tehran, 10 phases are already operational and the remainder is under development. According to Pars Oil and Gas Company (POGC), phases 15-16 as well as phase 12 will come online in the next two months, while phases 17-18 will be accomplished by the end of this Iranian calendar year (ending in March, 2014). Eight phases including 13, 14, 19, 20, 21, 22, 23 and 24 with 50 to 60 percent physical progress are expected to be complete next year. With nearly 40 trillion cubic meters of gas reserves, the South Pars gas field accounts for more than 21 percent of the total gas reserves of the world. Iran extracts 290 million cubic meters of gas per day from the gas field which it shares with Qatar in the Persian Gulf.