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$1.8 bn Needed to Develop South Pars Phase 12

Source: www.gulfoilandgas.com 4/12/2010, Location: Asia

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Petropars Company managing director Gholamreza Manouchehri says the company needs $1.8 billion of capital to develop South Pars gas field phase 12 remarking that Iranian petroleum minister has vowed to support the company to provide the money.

Responding to Shana reporter questions, Mr. Manuchehri stated here on Monday that one of the Angolan companies would provide part of the funds as foreign investor noting that based on petroleum minister promises, South Pars gas field phase 12 would have desirable progress during the current Iranian year (started on 21 March).

Mr. Manouchehri stipulated that up to now, $1.6 billion has been provided through domestic and foreign sources to develop the phase.

Reminding that phase 12 has achieved 30 percent progress, the managing director predicted by $1.8 billion investment, the project progress in the current year would rise to 60 percent.

Concerning talks with different companies to invest in the project, he said Indian ONJC has declared its readiness to invest in the project by 40 percent and some talks have been held in this regard.

According to Mr. Manouchehri, concurrent negotiations is underway with Venezuela to take 10 percent stake in the project and the country has carried out some studies in order to attend the project.

Based on some estimates, financial needs to develop South Pars gas field phase 12 is estimated $7.5 billion. The aim with development of the 12 phase is to produce 78 million cubic meters of natural gas, 120 thousand barrels of condensates and 750 tons of sulfur per day.

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