Iranian Oil Ministry to Invest $80bln in South Pars

An Iranian deputy oil minister said a sum of 80 billion dollars will be invested in the development and completion of South Pars gas field phases.

Deputy Oil Minister for Planning and Supervision on Hydrocarbon Resources said Mohsen Khojasteh-Mehr told the oil ministry’s website during a visit to Assalouyeh, the onshore installation of the South Pars gas field, that the largest economic and industrial infrastructures of the county are located in Pars Special Economic Energy Zone (PSEEZ), and therefore development of the region should go ahead in an integrated and balanced manner.

He added South Pars gas field holds 8 percent of total gas reserves of the world and half of the country’s proven gas reserves as well as is the host of the most important industrial complexes of the country and the most important part of oil industry’s value chain.

“Strategic importance of South Pars gas field push us toward drafting and finalizing of PSEEZ’s strategic development document as one of the priorities of petroleum ministry,” the official said.

He continued that Institute for International Energy Studies (IIES) is drafting PSEEZ’s strategic development document in cooperation with other specialized units of petroleum ministry and academic centers.

After drafting and finalizing the document, development of the zone will be continued based on a standard road map and world patterns and methods.