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EghtesadOnline: Iran would start oil extraction from South Pars by the end of the current fiscal year (March 21), Oil Minister Bijan Namdar Zanganeh said.

He said that considering Iran's floating production, storage and offloading (FPSO) unit in the Persian Gulf, producing 35,000 barrels of oil would be start from the oil layer of South Pars," he said during an interview with state TV, IRIB.

According to ILNA, FPSO unit is a floating vessel used by the offshore oil and gas industry for the production, processing of hydrocarbons and for storage of oil. An FPSO vessel is designed to receive hydrocarbons produced by itself or from nearby platforms or subsea template, process them, and store oil until it can be offloaded onto a tanker or, less frequently, transported through a pipeline.

The figure is planned to reach 100,000 barrels per day in the second step, Zanganeh said.

South Pars Bijan Namdar Zanganeh Iran oil