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$90 Billion Will Be Pumped to South Pars Gas Field

Source: Shana 3/30/2011, Location: Asia

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Iran’s minister of petroleum Dr. Seyyed Masoud Mirkazemi says 90 billion dollars will be invested in the South Pars gas field’s upstream and downstream projects of which 60 billion dollars will be allocated to the upstream sector and the rest to the downstream sector.

Addressing during a visit by the Supreme Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei to different phases of the South Pars gas field on Monday, Mirkazemi referred to the latest situation of investment in the giant gas field noting so far 10 billion dollars have been pumped to petrochemical projects of the Pars Special Economic Energy Zone (PSEEZ).

He further added that 7.5 billion dollars had been allocated to the ongoing petrochemical projects in the region and based on the Ministry of Petroleum planning another 20 billion dollars would be invested in development and construction of other petrochemical projects in the region.

Referring to the specifications of the Pars Special Economic Energy Zone and South Pars gas field, the Minister of Petroleum said: ‘South Pars gas field which is shared by Iran and Qatar holds eight percent of the world gas reserves.’

According to the official, construction of 29 standard phases have been planned for the gas field of which ten phases have been launched and the remaining phases would be coming on stream over the Fifth Five Year Development Plan up to 2015.

‘Currently gas produced from the South Pars gas field is sweetened in eight phases that amounts to 200 to 210 million cubic meters per day, part of it is being injected to the oil wells, another part is being consumed inside the country and the remaining part is being exported,’ Mirkazemi noted.

On the construction of the remaining phases of the south pars gas field, Mirkazemi noted that since last June, Iranian contractors are being committed to construct the phases at the shortest time completing them in 35 months.

South Pars gas field which is located in the Persian Gulf is the world’s largest gas field shared by Iran and Qatar.

According to the International Energy Agency, the field holds an estimated 50.97 trillion cubic meters (1800 trillion cubic feet) of in-situ gas and some 50 billion barrels of condensates. Iran holds the world’s second-largest reserves of natural gas and the third-largest reserves of oil.

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