TEHRAN (FNA)- Iranian Government Spokesman Mohammad Baqer Nobakht announced that the country has allocated $4bln for the development of the remaining phases of the giant South Pars oil and gas filed.


"Government is determined to seriously follow up policies set by the Supreme Leader, particularly the Economy of Resistance policy and policies to make ultimate use of domestic potentials to escape the current state of recession, specially in mining and agricultural fields," Nobakht told reporters at the end of a cabinet session Wednesday.

To this end, he added, the cabinet approved a four-billion-dollar budget for South Pars projects in Southern Iran and another four-billion-dollar budget for constructing three power plants in the country.

The South Pars gas field, divided into 28 phases, is located in the Persian Gulf on the common border between Iran and Qatar. The field is estimated to hold 14 trillion cubic meters of gas as well as 18 billion barrels of condensates.

The field covers an area of 9,700 square kilometers, 3,700 square kilometers of which lie in Iran's territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, better known as the North Dome, are located in Qatar's territorial waters.

On April 30, Iranian President Hassan Rouhani announced that all phases of the development of the giant South Pars gas field will be accomplished by the end of his tenure in 2017.

"This year, four phases of the South Pars will be launched and 100mln cubic meters of gas output will be added to the country's capacity," President Rouhani said in a live televised interview.

Noting that four phases of the South Pars will go on stream next year, he said, "We plan to launch all South Pars phases during my administration."

By Fars News Agency

 

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