‘Iran will earn $110bn from South Pars’

March 9, 2011 - 0:0

Iran will earn USD 110 billion annually upon the complete launch of the remaining phases of the South Pars gas field, Oil Minister Massoud Mirkazemi says.

“Every phase of the South Pars will produce 25 million cubic meters of natural gas and some 40,000 barrels of condensates per day,” he was quoted as saying by the Oil Ministry’s news website Shana on Monday.
Mirkazemi noted that USD 60 billion would be allocated to developing the upstream sector of Asalouyeh and South Pars in the Fifth Five-Year Economic Development Plan (2010-2015), which is part of long term roadmap for sustainable growth.
The process of developing gas production projects in the South Pars Special Economic Energy Zone has been divided into 28 phases.
The gas field is located in the Persian Gulf in the border zone between Iran and Qatar. Its reserves are estimated at 14 trillion cubic meters of gas and 18 billion barrels of gas condensates.
South Pars covers an area of 9,700 square kilometers, of which 3,700 square kilometers (South Pars) is in Iranian territorial waters and 6,000 square kilometers (North Dome) is in Qatar’s territorial waters.
The oil minister also said as South Pars gas field is a joint project with Qatar; it needs more investment in order to speed up the completion of the project.
(Source: Press TV)