Azerbaijan , Baku, April 1 / Trend, A.Yusifzade /
South Pars gas field is jointly shared with a neighboring country and the large western international companies have been mobilized to use the field's resources. So, development work in this field can be considered as an economic struggle in all meaning, FNA reported quoting Iran's Deputy Oil Minister Javad Oji as saying.
Oji said Iran and Qatar are partners, not rivals in South Pars gas field.
Iran's Pars and Oil Gas Company (POGC) managing director Mousa Souri recently said that by realizing the South Pars gas field development projects Iran would totally earn $8.8 trillion from gas sale and this figure may increase even by 5 to 10 times.
Iran will earn $110 billion annually upon the completion of the remaining phases of the South Pars gas field, Iran's Petroleum Minister Seyed Massoud Mirkazemi said last month.
Mirkazemi said $90 billion will be invested in the South Pars gas field's upstream and downstream projects of which $60 billion will be allocated to the upstream sector and the rest to the downstream sector.
"South Pars gas field which is shared by Iran and Qatar holds eight percent of the world gas reserves," Mirkazemi said. "Every phase of the South Pars will produce 25 million cubic meters of natural gas and some 40 thousands barrels of gas condensates per day."
An extra $20 billion will be invested in the petrochemical projects of the giant field, Mirkazemi added.
South Pars gas field was divided into 29 phases. Ten phases have been launched and all the remaining phases will come on stream during the Fifth Five Year Development Plan (2016).
Mirkazemi further said that the Oil Ministry plans to complete the development projects of the field's remaining phases within 35 months.
South Pars gas field which is located in the Persian Gulf is the world's largest gas field shared by Iran and Qatar.
According to the 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.
Iran holds the world's second-largest reserves of natural gas and the third-largest reserves of oil.