Iran’s revenue from South Pars gas field reaches $10 m

Azerbaijan, Baku, Feb. 10 / Trend, A.Yusifzade /

Iran will earn $10 million per day upon the launch of every phase of the South Pars gas field, Mehr News Agency reported quoting Iranian First Vice President Mohammad Reza Rahimi as saying.

"Our engineers' efforts have changed sanctions to opportunities and today our production in the petrochemical sector has reached 200 percent and we export 13 million tons of this product," Rahimi said.

Following the adoption of Resolution No.1929 in June by the U.N. Security Council, the U.S. Congress passed a bill on unilateral anti-Iran sanctions on June 24, 2010.

EU leaders and foreign ministers proposed additional sanctions against Iran at the Brussels meeting last July. Foreign ministers of all EU countries approved additional sanctions against Iran at a meeting in Luxembourg on Oct. 25, 2010.

Iran has in return stated that it will launch multibillion-dollar projects in the South Pars gas field with the help of its domestic expertise, experience, and financial resources.

The South Pars gas field is located in the Persian Gulf in the border zone between Iran and Qatar. The field's reserves are estimated at 14 trillion cubic meters of gas and 18 billion barrels of gas condensates.

The process of developing gas production projects in the South Pars Special Economic Energy Zone is divided into 28 phases.

The 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) is in Qatar's territorial waters.

According to the Iranian Oil Ministry, Iran's recoverable reserves amount to 151 billion barrels of oil and 33 trillion cubic meters of gas.

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