TEHRAN- The daily production of gas from Iran’s South Pars gas field (shared with Qatar in the Persian Gul) will increase 56 million cubic meters (mcm) in the next Iranian calendar year (starting on March 21, 2018), according to the managing director of Pars Oil and Gas Company (POGC), which is in charge of developing the field.

Mohammad Meshkinfam put the average daily output of the field at 550 mcm since the beginning of this winter, Shana news agency reported.

In late January, the POGC managing director said that $69 billion has been already invested for development of South Pars and taking the infrastructural investment into account the figure reaches $72 billion.

The giant gas field accounts for supplying 70 percent of the gas consumed inside the country, he further announced.

South Pars is divided into 24 standard phases of development in the first stage. Most of the phases are fully operational at the moment.

Completing development phases of South Pars is among the Oil Ministry’s priorities outlined by President Hassan Rouhani in a decree in mid-September, 2017.

MA