Iran Studying Proposals to Develop Kish Gas Field : Proposals for the development of the second and third phases of Kish gas field, the second largest in the Persian Gulf after South Pars, is being reviewed and the outcome will be announced in due course, the managing director of Pars Oil and Gas Company said.

“Several foreign and domestic companies are interested in the field. The contractor will be selected after consultations with the Oil Ministry”, Mohammad Meshkinfam said.

As the world’s fifth biggest offshore gas field, Kish is believed to have an estimated 1.9 trillion cubic meters of natural gas in situ of which 1.4 trillion cubic meters are recoverable and more than 500 million barrels of gas condensate. It is located 30 kilometers east of Lavan Island in the strategic waterway.

The giant gas field’s development plan includes three phases. In the first, 13 wells have been dug but production has not begun. Work-in-progress rate is reported at 85%.

“The field will have a 70% extraction rate in the first phase, which should result in the production of 28.3 million cubic meters of natural gas and 11,300 barrels of gas condensates per day,” Meshkinfam said.

Unlike South Pars (shared with Qatar), Kish is fully inside Iranian maritime borders near the Strait of Hormuz. Given its strategic location, it can emerge as a major gas hub in the region. Source: Financial Tribune