Tehran, Iran, January 26
By Mehdi Sepahvand -- Trend:
A number of European countries have freed frozen equipment that belong to Iran's South Pars gas field, according to Pars Oil and Gas Company CEO Ali Akbar Shabanpour.
He said the release follows successful implementation of the Iran nuclear deal, IRNA news agency reported January 26.
According to the official, a number of turbo compressors which had been stuck in the UAE under sanctions are not free and will be transferred to Iran soon.
The nuclear deal, officially called the Joint Comprehensive Plan of Action, with six world powers came in force on January 16, lifting economic sanctions on Iran.
- Iran allocated $1.7B to South Pars development in 9 months
In the past nine months into the current Iranian year (since March 21), Iran allocated a total of $1.7 billion to development of South Pars field, Shabanpour said elsewhere.
"We still need $10 billion to complete the developmental projects," he stated.
According to the official, the fund is going to be procured by the National Development Fund and repaid from pursuing revenues.
He stated in the meantime the field has produced over 83 billion cubic meters of gas, which is aimed to reach 130 billion in the end.
He added although in technical terms the projects can be over in two years, the decisive factor is financial resources.
He noted phases 13, 14, and 22-24 are not progressing well, adding the case is being pursued through First Vice President Es'haq Jahangiri.
Shabanpour said South Pars's share of the current Iranian year's national budget is $8.7 billion.
He went on to note that South Pars will be extractable for 30 years from now.
He added in the past year the field's production increased by 100 million cubic meters, adding the output is to increase by the same amount in one year to come.
According to the Iran Petroleum Ministry, the proved natural gas reserves of Iran are about 1,046 trillion cubic feet (29.6 trillion cubic meters) or about 15.8% of world's total reserves, of which 33% are as associated gas and 67% is in non-associated gas fields. It has the world's second largest reserves after Russia. The South Pars is the world's largest gas field. The field is shared between Iran and Qatar.