Talking to Iran’s news TV channel on Monday night, Mohsen Khojastehmehr added SP Phase 11 was inaugurated by Iranian experts after 20 years of dispute and replacement of foreign contractors.

The main mission of the Oil Ministry and NIOC of the 13th (incumbent) administration is to implement important and strategic projects aimed at developing joint oil and gas fields and maximizing their production.  

The most important gas project was that of the South Pars field, the world’s largest gas field, which holds 50 percent of Iran’s gas reserves and produces 70 percent of the country’s gas, he noted.

Located near the maritime border with Qatar, Phase 11 has four yielding gas layers, said Khojastehmehr, adding, “Therefore, we had to start production at this phase as early as possible.”

Gas extraction from SP Phase 11 had been postponed for 20 years due to ambiguities and foreigners’ carrot-and-stick approaches, regretted the NIOC CEO, continuing, “But, the 13th administration has managed to implement the most strategic oil project in 20 months.”

He said 56 million cubic meters of gas per day, one million tons of ethane, and one million tons of liquefied petroleum gas (LPG) per annum will be produced when Phase 11 is fully developed, predicting that its production will fetch the country $5 billion annually.

Earlier in the day, he said development of Phase 11 is unique as it is the farthest border section of South Pars.

The deputy oil minister mentioned 24 wells will be drilled, explaining four wells have become operational and other wells will gradually come on stream.

He described transportation of the 12C platform and its installation at 11B location as the most unparalleled executive operation in the Assaluyeh and Persian Gulf region.

According to him, the platform weighing 3,200 tons is one of the heaviest offshore structures transported for the first time in Iran.