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Iran invests $2 billion from National Energy Fund into South Pars gas field

Iran Materials 10 March 2014 14:02 (UTC +04:00)

Baku, Azerbaijan, Mar. 10

By Rahim Zamanov - Trend:

Iran invested $2 billion out of its National Energy Fund into the giant South Pars gas field in the past two years, deputy director of National Iranian Oil Company, Ali Kardor, said on Mar. 10, Iran's IRIB News Agency reported.

"Iran plans to allocate $5 billion of the fund to the South Pars gas field," he said.

South Pars is part of a wider gas field shared with Qatar. The larger field covers an area of 9700 square kilometres, 3700 square kilometres of which are in Iran's territorial waters (South Pars) in the Persian Gulf. The remaining 6000 square kilometres, referred to as the North Dome, are in Qatar's territorial waters.

The Iranian gas field contains 14 trillion cubic meters of natural gas which is about eight percent of the world's reserves and more than 18 billion barrels of LNG resources.

Iran has the world's fourth largest proven national reserves of oil most of it being cheap to produce and is home to the biggest proved reserves of natural gas, being some 18 percent of the global total.

According to BP's latest annual report, Iran's dried gas output is about 160 bcm, a little more than the domestic consumption level.

Iran exported 7.5 bcm of gas to Turkey and imported 4.5 bcm gas from Turkmenistan in 2012, according to BP's report.

Edited by S.M.

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