S. Pars investments to reach USD 60bn

Managing director of the Pars Oil and Gas Company says USD 60 billion will be invested in South Pars gas field by the end of Iran’s Fifth Economic Development Plan (2011-15).

Mousa Souri said on Monday that a total of USD 16 billion would be invested in the field, where 48 billion dollars worth of projects are underway, during the current Iranian calendar year alone (started March 21, 2011), IRNA reported.

He added that depending on the price of every barrel of crude South Pars reserves could generate between 4,400 to 8,800 billion dollars in revenues.

Iran has 137.6 billion barrels of proven oil reserves and 29.61 trillion cubic meters of proven gas reserves, respectively ranking the third and second in the world.

The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 24 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.

Iran has the world’s second largest natural gas reserves after Russia.