Iran: No shortage of financing to develop South Pars
By Fatih Karimov – Trend:
Baku, Azerbaijan, Aug. 24
Iran has enough of financial resources to complete the development of South Pars gas field, Ali Akbar Shabanpour, managing director of Pars Oil and Gas Company (POGC) said.
Over $6.4 billion of assets is targeted to be invested for development of the gas field during the current fiscal year (started March 20), Shabanpour said, Mehr news agency reported.
There is no limitation in financial resources for development of the South Pars, however development operations should be carried out in parallel to financing the project, he said.
He further said that last fiscal year (ended March 20) it was targeted that over $8 billion to be invested in the field, but the goal materialized by only 47 percent.
At the moment 14 drilling rigs are operating in the field, Shabanpour said.
Phases 13, 14, 22, 23 and 24 of the field are completed by 70 percent, he said, adding that the phases will come on stream by the next Iranian calendar year (to start March 2017).
The Phase 11 of South Pars gas field will be developed through attracting foreign investment, he said.
While commenting on reports about granting the phase’s development to Franc’s Total, he said that no decision was made in this regard yet.
He also said that over $55 billion is invested for development of the South Pars gas field so far, adding that further investment, worth $11 billion is needed for fully developing the field.
The phases 18, 19, 20 and 21 of the South Pars gas field are expected to become operational during the current Iranian fiscal year (started March 20).
Once the aforementioned phases become operational, Iran's daily gas production in the field will increase by 100 million cubic meters.
Currently Iran’s gas production in the field stands at 430 million cubic meters per day.
South Pars is divided into 24 development phases and contains 40 trillion cubic meters of natural gas.
It covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters in the Persian Gulf. The remaining 6,000 square kilometers are situated in Qatar's territorial waters.
Azerbaijani Association of Travel Agencies and Association of Travel Bloggers sign agreement of understanding (PHOTO)