Iran Could Earn About $167 bn from South Pars by 2017-18

Iran could earn as much as $167 billion every year from South Pars gas field by 2017-18, according to an Iranian official.

"Currently, 270 million cubic meters (mcm) of gas, 400,000 barrels of gas condensates, 8,000 tons of liquid gas, 1,000 tons of sulfur, and 5,200 tons of ethane are produced per day in South Pars gas field," Managing Director of South Pars Gas Complex Massoud Hassani said, adding that current productions generate an annual income of $56 billion, Tasnim News Agency reported.

Hassani predicted that once the number of refineries reaches 14 from the existing 5, revenues will hit $167 billion in the next three years.

The volume of daily gas extraction from South Pars reserves is expected to reach 430 mcm in the next three months and 750 mcm by early 2018, Hassani stated.

He also announced a 20 percent increase in the gas extraction volume in the first six months of this Iranian year (started on March 21, 2014) compared with the same period last year, Tasnim News Agency reported.