|Iran to issue $800m worth of bonds to fund South Pars projects||
TEHRAN – Iran’s Pars Oil and Gas Company will issue 20 trillion rials (about $800 million) worth of bonds in the next Iranian calendar year, which begins on March 21, to fund development projects in the South Pars gas field, IRIB reported on Monday.
The South Pars gas field 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, i.e. North Dome, are in Qatar's territorial waters.
The Iranian gas field, which is divided into 29 phases, 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.
Iran forecasts a big jump in its natural gas exports in the Iranian year 1394 (March 2015-March 2016), the Iranian deputy oil minister for planning affairs said on January 19.
Mansour Moazzami told IRNA that a number of prioritized gas projects will come on stream in the next Iranian calendar year 1393 (March 2014-March 2015), including five phases of the South Pars gas field development plan.
Iranian Oil Minister Bijan Namdar Zanganeh has called for allocating as capital and equipment as necessary to complete the development of the South Pars gas field in the shortest possible time.
He has emphasized that the priority should be placed on phases 12, 15, 16, 17, and 18 of the gas field. Iran is currently producing 300 million cubic meters of gas per day from the South Pars field.
According to a National Iranian Oil Company (NIOC) official, buyback agreements have attracted only $50 billion in the past 15 years. Considering that Iran has the fourth largest oil reserves and second largest reserves of natural gas in the world, the amount is relatively modest, especially when compared to other Persian Gulf countries such as Qatar, which managed to attract $200 billion over the same period.
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