Oil and gas projects worth $261 billion underway in Iran
Azerbaijan, Baku, Jan.13/ Trend F.Milad
Iran is currently carrying out $261 million worth oil and gas projects, Deputy Oil Minister Mohsen Khojaste-Mehr said on Sunday.
Iran eyes to reach 8 per cent economic growth, Khojaste-Mehr said.
Iranian Oil Minster Rostam Qasemi said on December 30, 2012 that the country will increase its gas production capacity by more than two-folds in three years.
The country's daily gas output will reach 1.4 billion cubic meters in the next three years, he said.
By the end of the Fifth Five-Year Economic Development Plan (March 2016), Iran's oil production capacity would reach 5.6 million barrels per day, he added.
The managing director of Pars Oil and Gas Company, Mousa souri, said last month that Iran has invested over $7 billion in the giant South Pars gas field in the first 9 months of current Iranian calendar year, which began March 20, 2012.
The oil ministry has used the money to equip different phases of South Pars, he said.
By the end of the current year (March 19, 2013) the amount would be raised up to $10 billion, he said.
South pars gas field's development plan has created over 100,000 direct and indirect job opportunities, the official explained.
According to Souri, 5 of the gas field's phases will come on stream by the end of the next Iranian calendar year (March 19, 2014), boosting the total output of South Pars by 180 million cubic meters per day.
Iran is currently producing 300 mcm per day of gas from South Pars.
Qasemi said in November that 775 million cubic meters (mcm) per day of gas could be extracted from South Pars after all its phases come on stream.
Iran has attached the priority on boosting gas production capacity from its joint oilfields with Qatar and Saudi Arabia, Qasemi said in June.
The country, which sits on the world's second largest natural gas reserves after Russia, has been trying to enhance its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.
South Pars is part of a wider gas field that is shared with Qatar. The larger field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters (South Pars) in the Persian Gulf. The remaining 6,000 square kilometers, referred to as the North Dome, are in Qatar's territorial waters.
The Iranian gas field contains 14 trillion cubic meters of natural gas, about eight percent of the world's reserves, and more than 18 billion barrels of LNG resources.