Iran: USD 60 Billion Needed for Launching of All South Pars Gas Field Phases

Launching all the South Pars gas field phases requires $60 billion investment in upstream sector of the field up to the end of Twenty Years Outlook in 2025, Iran’s petroleum minister, Dr. Mirkazemi announced.

Addressing at the Second National Meeting On Perspective Of Integrated And Knowledge Centered Sustainable Development in Pars Special Economic Energy Zone (PSEEZ), he said that through cooperation between ministry of petroleum and presidential office serious works have been done on attracting investment adding it is hoped remaining phases of South Pars gas field to be completed on schedule in next 35 months.

He went on to say that God given gas reserves in Assaluyeh (8 percent of the global gas reserves) has put a double burden on oil industry’s shoulder to attain knowledge centered sustainable development, Iran’s SHANA news agency reported.

By Stating that the chain of creating value added should be taken into consideration in development of the South Pars gas field remaining phases, he said that establishment of 21.7 million tons of petrochemical production capacity in the region implies the importance of such value added.

He declared that, Iran’s petrochemical production capacity would rise to 55 million tons per year up to the end of Fifth Five Year Development Plan in 2015 through private sector’s investment in the sector.

‘Rising productivity, human being resources, accuracy, quickness, trust and assurance are the main indicators of successful and sustainable development in Assaluyeh region,’ he said.

Referring to the ministry of petroleum’s plans to develop remaining phases of South Pars gas field in next 35 months, he described the plan as a record in world oil and gas industry demanding the ministry’s oil and gas subsidiaries and private sector’s companies to try to materialize the record by recruiting experts and local forces.

He said that if they are going to achieve the goals of Twenty Years Outlook, the oil industry should start development of industrial units in the region now.

[mappress]

Source:NIGC, March  8, 2011;