Iran invests $7 billion in South Pars

Azerbaijan, Baku, Dec.25 / Trend F.Milad / 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. The oil ministry has used the money to equip different phases of South Pars, the 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. According to Souri, 5 of the gas field's phases will come on stream by the end of the next Iranian calendar year (March 19, 2014), boosting the total output of South Pars up to 180 million cubic meters per day. Iran is currently producing 300 mcm per day of gas from South Pars. Iranian Oil Minster Rostam Qasemi said in November that 775 million cubic meters (mcm) per day of gas 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. South Pars is part of a wider gas field that is shared with Qatar. The larger field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters (South Pars) in the Persian Gulf. The remaining 6,000 square kilometers, referred to as the North Dome, are in Qatar's territorial waters. The Iranian gas field contains 14 trillion cubic meters of natural gas, and about eight percent of the world's reserves. Do you have any feedback? Contact our journalist at agency@trend.az