$1.5bn Govt Bonds to Develop Joint Oil, Gas Fields

The Iranian parliament approved a legislation that grants the oil ministry permission to sell more than 1.5 billion dollars in bonds for the development projects of oil and gas fields shared with neighboring countries.

In an open session of the parliament on Saturday, the Iranian lawmakers approved an article of the budget bill of the next Iranian year (which will begin on March 21).

By approving the article, the MPs gave permission to the oil ministry to issue $1.543 billion in bonds for investment in the development projects of joint oil and gas fields.

Iran shares a number of oil and gas fields with its Arab neighbors in west and southwest.

The South Pars gas field located in the Persian Gulf straddling the maritime border between Iran and Qatar is one of the shared fields. Its development has been divided into 28 phases.

It is estimated that the Iranian section of the field contains 14 trillion cubic meters of gas and 18 billion barrels of condensates in place.

(Source: Tasnim, under Creative Commons licence)

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