POGC aims to lift South Pars production

Pars Oil and Gas Company expects to produce 90 bcm from the South Pars gas field in the Persian Gulf in the current Iranian year ending March 20, 2011.

Offshore staff

TEHRAN -- Pars Oil and Gas Company expects to produce 90 bcm from the South Pars gas field in the Persian Gulf in the current Iranian year ending March 20, 2011.

In an interview with Iranian news service Shana, POGC Managing Director Dr Ali Vakili added that the company was targeting daily production of 265 MMcf/d from all platforms on South Pars, up from the previous average of 200 MMcf/d.

Total output in the Iranian year to March 20, 2010 was 68.12 bcm, Vakili claimed, an increase of 26% on the previous year’s figure.

Iran’s Bank Mellat plans to issue bonds worth Eu1 billion ($1.32 billion) in four instalments to fund development of South Pars phases 15, 16, 17 and 18. The first instalment was issued on March 10.

From today, Iranian banks overseas will issue a second barch of development funds for the project worth Eu 250 million ($331 million), according to Saeed Ghafari, head of the international department at Bank Mellat.

05/03/2010

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