Iran: POGC Managing Director Stresses Importance of South Pars Project

The South Pars Gas Field in southern Iran has 19 billion barrels of gas condensate reserves and 14.2 trillion cubic meters of in-place gas reserves, a senior Iranian oil official said, stressing that South Pars project is very important for Iran’s oil and gas industries.

The economic potentials of this region (South Pars) are 19 billion barrels of gas condensate (reserves), 14.2 trillion cubic meters of in-place gas (reserves), 7.5 billion barrels of crude oil reserves (in oil layers) and the largest source of world’s helium with a capacity of 28 percent helium gas storage,” Managing- Director of the Pars Oil and Gas Company (POGC) Mousa Souri said in Assalouyeh in southern Iran on Tuesday.

“South Pars is very important for Iran’s oil and gas industries and in the current Iranian year we see good progress in this region (in South Pars),” he reiterated.

Meantime, the official said that after operating each phase of the South Pars, the country’s Gross National Product (GNP) is increased by nearly 1 percent.

By operating each phase of the South Pars, the Gross National Product (GNP) increases by about 1 percent and no other economic sector in the country has such an effect on the country’s economy,” the POGC managing-director said.

The Islamic Republic has the world’s second-largest crude reserves after Saudi Arabia and the second-largest gas reserves after Russia.

Earlier, the British energy company (BP) said in its Statistical Review of World Energy that Iran has oil reserves that would last for the next 88 years and is the second longest-lasting oil source in the world

Press Release, October 26, 2012

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