Pars Oil and Gas Company's Managing Director Mousa Souri told the oil ministry's official website, Shana, that the governing board of the National Iranian Oil Company (NIOC) had allocated 182 million dollars for the implementation of the project in K1 layer of the field.
Elaboration on the project, the official said that South Pars gas field was divided to four layers and the company is producing gas from K2 and K4 layers but intends to extend its operations to K1 layer as well for the first time this year.
Souri noted that average daily gas production from the South Pars gas field stood at 284 million cubic meters last year which is expected to rise between 15 to 20 percent by gas extraction from K1 layer of the field.
Referring to some delays in launching some of South Pars gas field projects in the last year, Souri noted that some problems, including delays in providing goods and equipment, led to the postponement of launching the projects, adding that those projects are facing no similar problems this year.
"Iranian Oil Minister Rostam Qassemi stressed on change, mobilization and progress as the priorities for the South Pars gas field projects during his visit to the gas field at the beginning day of the current year which has been named the Year of National Production, Supporting Iranian Labor and Capital by the Supreme Leader of the Islamic Revolution," Souri said.
South Pars is the name of a gas condensate field located in the Persian Gulf. It is the world's largest gas field and is shared by Iran and Qatar. According to the International Energy Agency, the field holds an estimated 50.97 trillion cubic meters (1800 trillion cubic feet) of in-situ gas and some 50 billion barrels of condensates.