Offshore staff

TEHRAN -- Iran needs $40 billion to develop all remaining phases of the giant South Pars gas field in the Persian Gulf, according to Pars Oil and Gas Co.

“We predict all phases of South Pars will be developed within the next 10 years,” said managing director Ali Vakili in a report by the country’s Petroenergy Information Network, Shana.

Iran has divided South Pars into 28 development phases. Vakili added that since March 2008, over $30 billion had been invested in various programs throughout the field.

11/16/2009