The ministry has plans to invest about $90 billion in the upstream and downstream sector of the South Pars gas field in the current Iranian calendar year (started March 21), Iranian Petroleum minister, Dr. Mirkazemi announced.
He said that about $60 billion will be allocated to the upstream projects and about $30 billion to the downstream sector, Iran’s SHANA news agency reported.
He went on to say that, an extra $20 billion will be invested in the petrochemical projects of the giant field.
The south Pars gas field is shared by Iran and Qatar and the gas field holds 8 percent of the world’s total gas reserves, he added.
It’s worth mentioning that South Pars gas field has been divided into 29 phases. At present, ten phases have been launched and all the ramaining phases will come on stream during the Fifth Five Year Development Plan.
Mirkazemi further said that the Oil Ministry plans to complete the developing projects of all the remaining phases of the field within 35 months.
[mappress]
Source:NIGC,March 30, 2011; Image: