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Iran to Speed up Development of South Pars Gas Field
Iran will start implementation of the development projects of the remaining phases of the South Pars gas field in the near future, a senior Iranian oil official announced on Wednesday.

"Right now, development of 7 phases of the South Pars field are underway… and we predict that the development projects of the remaining phases will soon start," Managing Director of the National Iranian Oil Company (NIOC) Seyfollah Jashnsaz said. 

He further voiced pleasure with the proper speed in the implementation of the development projects of phases 12, 15, 16, 17, 18, adding that the relevant responsibilities for the start of operations in phases 19, 20 and 21 have also been entrusted to contractors. 

The South Pars gas field has reserves of about 14 trillion cubic meters of gas - or about eight percent of the world's reserves. 

In June, Iran and China National Petroleum Corporation (CNPC) signed a contract for development of the upstream sector of phase 11 in the offshore South Pars gas field. 

Jashnsaz reminded that $4.1 billion has been invested in the development of the giant gas field in the last four years, mentioned, "Such a volume of investment has been unprecedented in the last 15 years." 

Sep 5, 2009 09:36
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