Iran Oil Ministry allocates 70% of budget to South Pars development plan
By Fatih Karimov - Trend:
Iran Oil Ministry has allocated 70 percent of its budget to the development of the South Pars gas field.
Iranian Oil Minister Bijan Namdar Zanganeh said the development of all the 29 phases of the gas field will be continued within the framework of production and refining projects, Iran's Shana news agency reported on Dec. 7.
The Oil Ministry has prepared plans to establish gas condensate refineries in all phases of the gas field, he added.
To date, investors and executors for building eight refineries, with a total output of 480,000 barrels per day, have been identified, he noted.
Iran is currently producing 300 million cubic meters of gas from South Pars per day.
The South Pars gas field, divided into 29 phases, is located in the Persian Gulf on the common border between Iran and Qatar. It is estimated that the field contains 14 trillion cubic meters of gas and 18 billion barrels of condensate.