Iran invests $7 billion in South Pars
Iran has invested over 7 billion dollars in the giant South Pars
gas field in the first 9 months of current Iranian calendar year,
which began March 20, the managing director of Pars Oil and Gas
Company said on Monday, Trend news agency reported.
The oil ministry has used the money to equip different phases of
South Pars, Mehr news agency quoted Mousa Souri as saying.
"By the end of the current year (March 19, 2013) the amount would
be raised up to 10 billion dollars," he said.
South Pars gas field's development plan has created over 100,000
direct and indirect job opportunities, the official noted.
Iranian Oil Minster Rostam Qasemi said in November that 775 million
cubic meters (mcm) of gas per day could be extracted from South
Pars after all its phases come on stream.
Iran has attached the priority on boosting gas production capacity
from its joint oilfields with Qatar and Saudi Arabia, Qasemi said
in June.
Iran, which has world's second largest natural gas reserves after
Russia, has been trying to enhance its gas production by increasing
foreign and domestic investments, especially in its South Pars gas
field.
The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves.