IRAN, March 30, 2011 (KATAKAMI.COM) — Iran’s Oil Minister Massoud Mirkazemi says the ministry plans to invest about $90 billion in South Pars gas and oil projects in the current Iranian calendar year (started March 21), Press TV Channel reported.
Mirkazemi underlined that about $60 billion will be allocated to the upstream projects and about $30 billion to the downstream sector, the official website of the Oil Ministry Shana reported on Tuesday.
The official also noted that an extra $20 billion will be invested in the petrochemical projects of the giant field.
Mirkazemi further said that the Oil Ministry plans to complete the developing projects of all the remaining phases of the field within 35 months.
The Iranian oil minister also stressed the need for foreign investment in the site to speed up the projects, saying that once all the phases of the South Pars come on stream, the field can produce 25 million cubic meters of natural gas and about 40,000 barrels of liquefied natural gas per day, making the country’s annual revenue from the field hit $110 billion.
Deputy of Managing Director of Pars Special Economic Energy Zone Pirouz Mousavi said earlier in March that more than $200 billion investment is needed for the South Pars projects until the end of the country’s Fifth Development Plan (2010-2015).
Iran’s Fifth Five-Year Economic Development Plan is part of long term roadmap for sustainable growth.
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 liquefied natural gas. (*)