TEHRAN (FNA)- The production of natural gas in the South Pars gas field has witnessed an eye-catching growth in the past two years, a senior Iranian energy official announced.
“By attracting at least $18 billion of investment and prioritizing the phases 12, 15, 16, 17 and 18, the production of gas in South Pars will exceed 600 million cubic meters within next two years,” former Managing Director of the National Iranian Oil Company (NIOC) Ahmad Qalebani said.
Qalebani pointed to a rise in natural gas production in South Pars gas field from 140 million cubic meters in 2007 to more than 290 million cubic meters in 2012, and said, “In the current year more than $18 billion of investment for the development of joint fields, especially South Pars, has been earmarked.”
“The National Iranian Oil Company has attracted a total of $1.5 billion from domestic and foreign resources and invested them in different projects, particularly in South Pars,” the former NIOC chief added.
The Pars Special Economic Energy Zone was established in 1988 for the utilization of South Pars oil and gas resources and encouraging commercial activities in the field of oil, gas and petrochemical industries.
South Pars gas field is a natural gas condensate field located in the Persian Gulf. It is the world’s largest gas field, shared between Iran and Qatar. According to the International Energy Agency (IEA), the field holds an estimated 1,800 trillion cubic feet (51 trillion cubic meters) of in-situ natural gas and some 50 billion barrels (7.9 billion cubic meters) of natural gas condensate.
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