Iran invests $4 billion in gas field development plan

Business Materials 29 October 2012 17:10 (UTC +04:00)

Azerbaijan, Baku, Oct.29/ Trend G.Mehdi/

Iranian Offshore Oil Company (IOOC) has inked a deal, worth $4 billion, with Iran's Petropars Company, for the development of the Farzad A gas field located in the Persian Gulf, the Mehr News Agency quoted IOOC's managing director Mahmoud Zirakchianzadeh as saying.

"The field is projected to yield one billion cubic feet of gas per day," he added.

On October 14, Zirakchianzadeh said that Iran has prepared new oil development plans, with an estimated cost of $14 billion, related to oilfields located in the Persian Gulf.

"During the past two years, as much as $20 billion worth of deals have been signed," he said, "Some $14 billion worth of new deals have been prepared and will be offered to contractors," he added.

The deals are related to Farzad A & B, Soroush, Esfandyar, Tossan, and Alfa fields, Zirakchianzadeh noted.

Iran has attached priority to boosting gas production capacity at its joint oilfields with Qatar and Saudi Arabia.

Oil Minister Rostam Qasemi has previously ordered all contractors of South Pars gas field development projects to work round the clock in three shifts to complete the development of all phases, especially phases 12, 15, 16, 17, and 18.

The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of total world reserves, and more than 18 billion barrels of liquefied natural gas.