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Iran Oil Minister Pushes for Completing South Pars Development Plan

Source: www.gulfoilandgas.com 8/31/2013, Location: Asia

Iranian Oil Minister Bijan Namdar Zanganeh has called for allocating as capital and equipment as necessary to complete the development of the South Pars gas field in the shortest possible time.

He has emphasized that the priority should be placed on phases 12, 15, 16, 17, and 18 of the gas field, the mehr News Agency quoted him as saying on Wednesday.

Some $16 billion will be invested in Iran’s South Pars gas field in the current Iranian calendar year, Pars Oil and Gas Company Managing Director Mohammad-Reza Zohairi has said.

The Iranian calendar year started on March 21, 2013.

A major portion of the investment will come from domestic sources, IRNA quoted Zohairi as saying.

Meanwhile, the managing director of the National Iranian Oil Company had said $30 billion would be invested in the South Pars gas field in the current Iranian calendar year.

Iran is currently producing 300 million cubic meters of gas per day from the South Pars field.

The South Pars/North Dome field is a gas field located in the Persian Gulf. It is the world’s largest gas field and is shared by Iran and Qatar. The field’s recoverable gas reserves are estimated to be equivalent to 215 billion barrels of oil. It also holds about 16 billion barrels of recoverable condensate.

The South Pars field, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of total world reserves.

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