$2b approved for SP phases 15, 16
The Iranian government has approved the allocation of $2 billion for the development of the South Pars gas field's phases 15 and 16.
The Islamic Republic of Iran Broadcasting reported on Monday that $500 million of the mentioned amount will be allocated to the project out of the Forex fund and $1 billion out of the Oil Ministry's internal financial sources, while a consortium of domestic banks will fund the other $500 million.
Development operations of the South Pars phases 15 and 16 started in January 2007, according to the Mehr News Agency.
The project is aimed to produce 50 million cubic meters of refined natural gas per day as well as one million ton of LPG and one million ton of ethane per year. It is estimated that some 75,000 barrels of gas condensates and 400 tons of sulfur will also be extracted from the phases per day.
The South Pars gas field is located in the Persian Gulf. It is the world's largest gas field, shared between Iran and Qatar.
According to 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.