Pars Oil & Gas Company announces Iran can earn $8 bln from every South Pars phase

Wednesday, Dec 26, 2012

Managing director of Pars Oil and Gas Company (POGC) says Iran can earn USD8 billion in revenue from every phase of the huge South Pars Gas Field.

In a Monday interview, Mousa Soori noted that the gas field accounts for eight percent of the global gas reserves, adding that the development of every one of the 24 phases of the gas field can cause a one-percent growth in the national economy.

The POGC head stated that South Pars development projects are worth more than USD68 billion, saying that the projects in the gas field have created direct jobs for 86,000 people.

Iran is currently producing 300 million cubic meters per day of gas from South Pars.

The country, which sits on the world's second largest natural gas reserves after Russia, has been trying to enhance its gas production by increasing foreign and domestic investments, especially in South Pars gas field.

The South Pars gas field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, i.e. North Dome, are in Qatar's territorial waters.

The Iranian gas field contains 14 trillion cubic meters of natural gas, about eight percent of the world's reserves, and more than 18 billion barrels of LNG resources.

Source: Pars Oil & Gas Company

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