Iran South Pars revenues at $250b

SHANA- Iran has so far generated a total of 250 billion dollars by recovering hydrocarbons from the supergiant South Pars gas field in Persian Gulf waters since the field’s development began, an official said.

Addressing a press conference on Saturday, CEO of Pars Oil and Gas Company (POGC) Mohammad Meshkinfam said the country had so far invested $80 billion in developing various phases of the major offshore gas field, adding that of the amount, $14b had been invested in Infrastructure building like roads and airport.

Iran shares South Pars with Qatar in the Persian Gulf.

The CEO further added that production of gas condensates from the field currently stood at 600,000 b/d, adding POGC was in talks with a number of Iranian companies replace Denmark’s Maersk which pulled out of a deal with Iran for production of oil from South Pars Oil Layer (SPOL) once it was purchased by France’s Total.

MeshkinFam, referring to the cost of South Pars development and the value of the items produced from the field since the beginning of its development, said, “Since the beginning of the development of this field, 1,300 billion cubic meters of rich gas has been produced from South Pars, and, if the value of 1,000 cubic feet is considered to be 18 cents, the field has so far generated $250 billion in revenue from gas production.”

The official also stated that financing of phases 13, 22, 23 and 24 of South Pars by tapping National Development Fund of Iran by $4 billion was going according to plan, adding there were no problems in this regard.