South Pars development still economical

TEHRAN, Feb. 01 (MNA) – Despite falling oil prices, implementation of new South Pars phases remain not only economically justifiable but also profitable, said a POGC official. Project Director of Phases 17 and 18 at Pars Oil and Gas Company (POGC) Hassan Boyeri noted the economic feasibility of construction and development of South Pars phases despite the drop in global oil prices adding “being a joint oil and gas field, development of South Pars remains as top priority in oil industry under all circumstances.” Boyeri evaluated the total construction cost of Phases 17 and 18 to be 6.2 billion dollars asserting “the investment enjoys economic justification for being profitable in view of low oil prices.” “Global crude prices would not remain constant at the current level,” noted the official saying “the two phases enjoy the natural gas production capacity of 50 million cubic meters per day.”