Iran needs $3bn to Complete South Pars

A member of the Iranian parliament says the country will need to invest 3 billion dollars for completion of the remaining phases of South Pars gas field.

Head of the parliament’s energy committee Fereydoon Hassanvand said most of the project’s development phases will come on-stream next calendar year, beginning on March 21, except for phase 14 development project which is a more time-consuming one compared to other phases of the major gas field.

Iranian Minister of Petroleum Bijan Zangeneh visited phases 12, 14, 22, 23 and 24 of the supergiant South Pars Gas Field on Monday.

The official was accompanied by members of the Iranian Parliament’s energy committee and learned about the latest developments in the projects.

Iran currently produces 550 million cubic meters of natural gas from the offshore gas field which it shares with Qatar.

OPEC-member Iran has so far invested over $69 billion dollars for developing the field; 70% of the sum has been supplied by domestic resources.

The country has also launched 11 offshore platforms for pumping gas from the field since 2015.

(Source: Shana)

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