Code: 703666 A

Iran’s Pars Oil and Gas Company is expected to add 56 mcm/d to its exploitation from South Pars gas field by the end of the Iranian calendar year (started March 21) to set a record in production from world’s biggest gas field, according to the managing-director of the company.

Iran’s daily production of South Pars Field stands at 580 mcm now, Mohammad Meshkinfam said. He added that the figure is expected to rise significantly by the yearend, once the developmental plans are fulfilled.

Inauguration of each phase of South Pars Field adds 1 percent to Growth National Product, while no other economic sector could leave such an effect on improvement of the country’s economic indicator, Meshkinfam said.

The gas field is shared by Iran and Qatar. The Iranian part includes 14 trillion cubic meter of gas reserves, as well as 18 billion barrels of gas condensates which involves 8% of the total world gas reserves and nearly half of the country’s gas reserves.

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