Iran invests $4 bln in South Pars development

Oil&Gas Materials 7 September 2011 18:35

Azerbaijan, Baku, Sept. 7/ Trend /

The National Iranian Oil Company invested $1 billion from domestic sources and $3 billion by issuing bonds to boost South Pars development, IRNA quoted Pars Oil and Gas Company Managing Director Mussa Souri as saying.

"The total budget worth $16.5 billion will be assigned to develop South Pars in current solar year (started on March 20, 2011)," he added.

He stressed that $52 billion will be invested in developing the old and remaining phases of South Pars by domestic investors.

Iran's South Pars oil and gas field is one of the largest in the world.

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