Foreign investors ink $3.3b contract to develop South Pars

March 10, 2011 - 0:0

BUSHEHR - Foreign investors have signed a contract worth $3.3 billion with Iran’s Pars and Oil Gas Company to develop the South Pars gas field, the POGC managing director said in Bushehr on Wednesday.

Mousa Souri told the IRNA news agency that despite the economic sanctions imposed on Iran, development at South Pars has not been stopped. He added that the POGC has around $47 billion worth of projects in hand.
Iran will earn $110 billion annually upon the completion of the remaining phases of the South Pars gas field, Oil Minister Massoud Mirkazemi said earlier this month.
Mirkazemi noted that $60 billion would be allocated to developing the upstream sector of the South Pars projects during the Fifth Five-Year Economic Development Plan (2010-2015), which is part of a 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.