ID :
154822
Sun, 12/26/2010 - 13:02
Auther :
Shortlink :
https://www.oananews.org//node/154822
The shortlink copeid
SP needs $50b investment: Iranian oil minister
TEHRAN, Dec. 26 (MNA) -- Some 50 billion dollars of investment is required in order to complete the development of the remaining phases of South Pars gas field, Iranian oil minister Masoud Mirkazemi said here on Saturday.
“By the end of the Fifth Development Plan (2010-2015) all the remaining phases of South Pars will come on stream” ,Masoud Mirkazemi said.
To finance the development plan the National Iranian Oil Company plans to offer €5 billion and 10 trillion rials (some $960 million) worth of bonds in January and February to finance development plan of South Pars gas field.
In November Iran’s Mellat Bank offered bonds worth 250 million euro at its branches abroad. The bond sale was the fourth stage of offering a total of one billion euro designed to help finance development of phases 15-18 of Iran’s South Pars natural gas field.
Elsewhere, Oil Minister Masoud Mirkazemi claimed Saturday in Assaluyeh that the country will earn a double amount from the $50 billion it has invested so far in the upstream projects in South Pars.
Meanwhile on Saturday the government approved allocation of $1.5 billion for carrying out the development plan of South Pars gas field’s phases 9 and 10, raising the phases’ allotted amount up to $4.1 billion from the previous figure of $2.6 billion.
Pars Special Economic Energy Zone Managing Director Moussa Souri said on Friday ,“Iran is implementing 14 mega projects in its giant South Pars field that are scheduled to be completed in 35 months.”
Souri added that Iranian gas industry officials have decided that flaring should be halted in this gas field as soon as possible to improve the region’s environment.
“One of our main priorities right now is to increase the exploitation of gas in the South Pars field,” Souri noted.
According to BP, Iran’s has 137.6 billion barrels of proven oil reserves and 29.61 trillion cubic meters of proven gas reserves. Iran ranks third in the world in oil reserves (after Saudi Arabia and Canada) and second in gas reserves (after Russia).
Gas production at Iran’s giant South Pars offshore natural gas field rose by nearly 30 percent between March 2009 and March 2010. That amounts to around 59 billion cubic meters of processed gas for the full year, or around 162 million cubic meters per day.
The South Pars gas field is located in the Persian Gulf in the border zone between Iran and Qatar. The field’s reserves are estimated at 14 trillion cubic meters of gas and 18 billion barrels of gas condensates.
The South Pars field covers an area of 3700 square kilometers. The development process in the South Pars Special Economic Energy Zone is divided into 28 phases.
According to Pars Oil and Gas Company Managing Director Ali Vakili, production at Iran’s giant South Pars gas field will rise to 175 million cubic meters per day in the next two years.
In July, the European Union imposed a new round of sanctions on Iran, which mainly sought to target investment and technical assistance to Iran’s refining, liquefaction, and liquefied natural gas sectors.
Iran has in return stated that it will launch multibillion-dollar projects in South Pars with the help of its domestic expertise, experience, and financial resources.
“By the end of the Fifth Development Plan (2010-2015) all the remaining phases of South Pars will come on stream” ,Masoud Mirkazemi said.
To finance the development plan the National Iranian Oil Company plans to offer €5 billion and 10 trillion rials (some $960 million) worth of bonds in January and February to finance development plan of South Pars gas field.
In November Iran’s Mellat Bank offered bonds worth 250 million euro at its branches abroad. The bond sale was the fourth stage of offering a total of one billion euro designed to help finance development of phases 15-18 of Iran’s South Pars natural gas field.
Elsewhere, Oil Minister Masoud Mirkazemi claimed Saturday in Assaluyeh that the country will earn a double amount from the $50 billion it has invested so far in the upstream projects in South Pars.
Meanwhile on Saturday the government approved allocation of $1.5 billion for carrying out the development plan of South Pars gas field’s phases 9 and 10, raising the phases’ allotted amount up to $4.1 billion from the previous figure of $2.6 billion.
Pars Special Economic Energy Zone Managing Director Moussa Souri said on Friday ,“Iran is implementing 14 mega projects in its giant South Pars field that are scheduled to be completed in 35 months.”
Souri added that Iranian gas industry officials have decided that flaring should be halted in this gas field as soon as possible to improve the region’s environment.
“One of our main priorities right now is to increase the exploitation of gas in the South Pars field,” Souri noted.
According to BP, Iran’s has 137.6 billion barrels of proven oil reserves and 29.61 trillion cubic meters of proven gas reserves. Iran ranks third in the world in oil reserves (after Saudi Arabia and Canada) and second in gas reserves (after Russia).
Gas production at Iran’s giant South Pars offshore natural gas field rose by nearly 30 percent between March 2009 and March 2010. That amounts to around 59 billion cubic meters of processed gas for the full year, or around 162 million cubic meters per day.
The South Pars gas field is located in the Persian Gulf in the border zone between Iran and Qatar. The field’s reserves are estimated at 14 trillion cubic meters of gas and 18 billion barrels of gas condensates.
The South Pars field covers an area of 3700 square kilometers. The development process in the South Pars Special Economic Energy Zone is divided into 28 phases.
According to Pars Oil and Gas Company Managing Director Ali Vakili, production at Iran’s giant South Pars gas field will rise to 175 million cubic meters per day in the next two years.
In July, the European Union imposed a new round of sanctions on Iran, which mainly sought to target investment and technical assistance to Iran’s refining, liquefaction, and liquefied natural gas sectors.
Iran has in return stated that it will launch multibillion-dollar projects in South Pars with the help of its domestic expertise, experience, and financial resources.
