Further funds needed for South Pars 12

Offshore staff

TEHRAN -- Petropars is seeking $1.8 billion of further capital to develop phase 12 of the South Pars gas field in the Persian Gulf.

According to a report by Iran’s news network Shana, around $1.6 billion has already been committed to the $7.5-billion project from domestic and foreign sources.

Managing Director Gholamreza Manouchehri says 30% of the development had been completed, and the extra capital infusion would lift progress by the end of the current Iranian year to 60%.

He adds that India’s ONGC and Venezuela had expressed interest in taking stakes in the development, which is designed to produce 78 MMcm of natural gas, 120 Mbbl of condensates, and 750 metric tons/day of sulfur.

4/12/2010