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Iran to invest $16.5 billion in South Pars

Oil&Gas Materials 18 July 2011 13:31
The National Iranian Oil Company plans to invest $16.5 billion in South Pars gas fields in the current Iranian calendar year (started on March 21, 2011).

Azerbaijan, Baku, July 18 /Trend/

The National Iranian Oil Company plans to invest $16.5 billion in South Pars gas fields in the current Iranian calendar year (started on March 21, 2011), SHANA reported quoting Deputy Oil Minister for Planning and Supervision over Hydrocarbon Resources Mohsen Khojaste Mehr as saying.

"Development of joint fields and specially the South Pars is priority of the Oil Ministry in the Fifth Development Plan (2010-2015) and this year $16.5 billion will be invested in the South Pars gas field," he said.

The Oil Ministry should invest $48 billion in its main four companies this year and it invested $17.5 billion in National Iranian Oil Company last solar year(ended on March20,2011), he added.

Iran oil industry witnessed $24 billion investment last solar year(ended on March 20,2011).

South Pars oil and gas field is one of the largest in the world and predicts up to $130 billion in revenues per year.

The South Pars oil and gas field covers an area of 3,700 square kilometers. It is located 3,000 meters below the seabed.

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