Investments to Iranian South Pars gas field to reach up to $40 billion
Azerbaijan, Baku, Dec.21 /Trend, A.Yusifzade /
At present, the investments to the projects of developing the Iranian South Pars gas field are estimated to the amount of $30 billion. They will reach up to $40 billion for the next five years, Hosain Nosrtatzade, the head of the Pars Oil and Gas Company's public relations department, was quoted by IRNA as saying.
The gas produced from the South Pars gas field stood at 43 billion cubic meters during the first seven months of the current Iranian calendar year (March 21- October 22).
Hosain Nosrtatzade, noted that the phases 6-8 produced roughly 19.654 billion cubic meters of gas during the first seven months of last Iranian year while their production has reached up to 16 billion cubic meters during the first seven months of current year and the annual figure would exceed the last year production figure.
Roughly 4.275 billion cubic meters of gas were produced within the first phase of South Pars gas field during the above-mentioned period while gas production at phases 2 and 3 stood at 11.193 billion cubic meters.
The official noted the desirable progress at the phases 12 and 15-18.
The place of Iran in global production and gas supply would strengthen considerably by coming the phases on stream in next two years.
All the remaining phases of South Pars gas field will be coming on stream in 2014 and early 2015. The official said that the annual revenue of the phases will stand at $100 billion after fully exploitation.
According to the official remarks, one billion euro bonds batch offered in late 2010 were sold and spent at the South Pars gas field projects.
The South Pars is a gas condensate field located in the Persian Gulf. It is the world's largest gas field and is shared by Iran and Qatar. According to the International Energy Agency, the field holds an estimated 50.97 trillion cubic meters (1,800 trillion cubic feet) of in-situ gas and some 50 billion barrels of condensates.
The Iranian share of the field includes reserves of about 14 trillion cubic meters of gas, which accounts for about eight percent of the total world gas reserves. The process of developing the gas production project from South Pars field is divided into 28 phases.
This gas field covers an area of 9,700 square kilometers, of which 3,700 square kilometers (South Pars) is in Iranian territorial waters and 6,000 square kilometers (North Dome) - Qatar's territorial waters.
According to BP, Iran's proven gas reserves hit 29.61 trillion cubic meters as of Jan. 1, 2010