ECONOMIC IDEAL – TEHRAN, Nov. 06 (MNA) – National Iranian South Oil Company (NISOC), a subsidiary of National Iranian Oil Company, has allocated $1.2 billion to projects to curb the flaring of associated petroleum gas (APG) from the southern oilfields, NISOC’s managing director said.
Bijan Alipour added that the projects are planned to completely curb the gas flares in the oilfields operated by NISOC within three years.
The official noted, the curbed APG will be used to supply the feedstock of petrochemical units active in the southern parts of the country.
APG is a form of natural gas found in deposits of petroleum. It is often released as a waste product and burnt off as flare gas.
Around 17 billion cubic meters of gas are burned off in Iran annually. According to a World Bank report, a great deal of gas flares at oil production sites around the world burn approximately 140 billion cubic meters of natural gas annually, releasing more than 300 million tons of carbon dioxide into the atmosphere.
Iran’s Oil Ministry has surveyed various ways for curbing APG during the past years. The envisaged plans include collecting APG for injection into oil and gas wells, using APG for electricity generation, and converting it into petroleum products such as natural gas liquids.