News

Iran
will earn USD 110 billion annually upon the complete launch of the
remaining phases of the South Pars gas field, Oil Minister Massoud
Mirkazemi says.

"Every phase of the South Pars will produce 25 million cubic meters
of natural gas and some 40,000 barrels of condensates per day," he was
quoted as saying by the Oil Ministry's news website Shana on Monday.

Mirkazemi noted that USD 60 billion would be allocated to developing
the upstream sector of Asalouyeh and South Pars in the Fifth Five-Year
Economic Development Plan (2010-2015), which is part of 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.

South Pars covers an area of 9,700 square kilometers, of which 3,700
square kilometers (South Pars) is in Iranian territorial waters and
6,000 square kilometers (North Dome) is in Qatar's territorial waters.

The oil minister also said as South Pars gas field is a joint
project with Qatar; it needs more investment in order to speed up the
completion of the project.
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