$16b in investment heading to South Pars gas field, Iranian official says

An executive of an Iranian oil company says $16 billion will be invested for the development of the South Pars gas field over the next ten months, according to projections.

The lion’s share of the funds will come from domestic sources, Pars Oil and Gas Company Managing Director Mohammadreza Zahiri said on Saturday.

The projection was made for the current Iranian calendar year, which ends on March 20, 2014.

Last week, an executive of another Iranian oil company announced that the country’s gas output capacity would increase by 100 million cubic meters per day over the 10-month period.

“According to the plans, the country’s gas production capacity will rise by 100 million cubic meters per day by the end of the year, a large part of which will be produced in South Pars phases such as 12, 15, and 16,” National Iranian Oil Company (NIOC) Managing Director Ahmad Qalebani said.

Iran, which sits on the world’s second largest natural gas reserves after Russia, is making efforts to attract more foreign and domestic investment, especially in South Pars, in order to boost gas production.

The South Pars/North Dome field is a gas field located in the Persian Gulf. It is the world’s largest gas field and is shared by Iran and Qatar. The field’s recoverable gas reserves are estimated to be equivalent to 215 billion barrels of oil. It also holds about 16 billion barrels of recoverable condensate.

The South Pars field, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of total world reserves.

By Press TV


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