Remaining South Pars awards imminent

Iran plans to invest $6 billion over the next six months in the remaining phases of the South Pars project in the Persian Gulf, according to Petroleum Minister Dr. Masoud Mirkazemi.

Offshore staff

TEHRAN, Iran -- Iran plans to invest $6 billion over the next six months in the remaining phases of the South Pars project in the Persian Gulf, according to Petroleum Minister Dr. Masoud Mirkazemi.

In a speech quoted by Iranian news service Shana, Mirkazemi pointed out that in previous years a much lower figure ($2-3 billion annually) had been committed to the development.

Iranian contractors, he added, had been given the go-ahead to contract goods and services for the remaining phases. “The contracts to develop a number of the remaining phases of the South Pars gas field have been signed and the rest will be finalized before year-end.”

If these phases can be completed over the next three to four years, this should supply sufficient gas not just to meet Iran’s domestic needs, but also for exports and injection into oil fields for enhancement purposes.

Mirkazemi was speaking during a meeting with Lebanon’s energy minister. According to Shana, Lebanon and Iran have agreed to cooperate on a variety of energy issues, including offshore exploration.

10/07/2010

More in Field Development