NIOC Head: Iran's revenues from oil and gas exports to increase five-fold
Azerbaijan , Baku, March 11 / Trend, A.Yusifzade /
Iran 's revenues from oil and gas exports will increase five-fold, PANA reported quoting the managing director of National Iranian Oil Company (NIOC) Ahmad Qalebani as saying.
Iran plans to attract $14 billion to implement the South Pars gas field project, Qalebani said.
Fourteen phases of the South Pars gas field are under development and some of them will come on stream next Iranian year starting March 21, 2011, Qalebani added.
Iran expects all remaining phases of the South Pars gas field in the Persian Gulf to come on stream in the next four years, Qalebani said.
According to Qalebani, all the remaining phases would come on line during the Iranian year starting March 21, 2014.
Iran has allocated bonds worth some $6 billion for development of the new phases of South Pars gas field this year (March 21, 2010-March 20, 2011), Qalebani said.
The new phases would push annual revenue from the field in the next five years to $250 billion, Qalebani said earlier.
According to Iranian Commerce Minister Mehdi Ghazanfari Iran's oil and gas export amounted to $55 billion in the last Iranian calendar year (ended March 20, 2010).
Iranian Oil Minister Seyed Massoud Mir Kazzemi said that launching all the South Pars gas field phases requires $60 billion investment in upstream sector of the field up to the end of Twenty Years Outlook in 2025.
When all phases of the South Pars field become operational, the annual revenue of the field will soar to $100 billion, raising Iran's gas output to 1.1 billion cubic meters per day, the minister said.
Stressing the need for attracting foreign investment in the oil industry, the minister said that the oil ministry's resources alone cannot meet the country's developmental needs and Iranian and foreign companies can finance energy projects or help acquire the required sources for the oil industry's undertakings.
In June, the four largest oil and gas firms of Iran signed contracts for developing the remaining phases of the giant South Pars gas field, including phases 13, 14, 19, 22, 23 and 24.
The Industrial Development and Renovation Organization of Iran (IDRO) and Petropars, Iranian Petro Paidar and Petrosina companies are due to execute the project for the development of phases 13, 14, 19, 22, 23, and 24 of the South Pars Special Energy Zone (SPSEZ).
The South Pars gas field is jointly owned by Iran and Qatar. The Iranian share of the field has reserves of about 14 trillion cubic meters (46.2 trillion cubic feet) of gas, which accounts for about eight percent of total world reserves.