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Remaining South Pars phases need $20B to come on stream

Remaining South Pars phases need $20B to come on stream

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Date: 13 January 2016 22:22

Tehran, Iran, January 13

By Mehdi Sepahvand - Trend:

Some $20 billion is needed for the remaining South Pars field phases to come on stream, said Iranian Oil Minister Bijan Zanganeh said.

He expressed hope that the removal of sanctions and new funding methods will enable the ministry to raise the necessary funds, SHANA news agency reported January 12.

Zanganeh who was speaking on the occasion of the inauguration of phases 15 and 16, said that the two phases cost $6 billion to finish.

Phases 15 and 16 of the South Pars were inaugurated January 11 in presence of President Hassan Rouhani. The output of the two phases together will be 50 million cubic meters of gas and 80 thousand barrels of gas condensates per day, as well as ethane and LPG.

The South Pars/North Dome field is a natural gas condensate field located in the Persian Gulf. It is the world's largest gas field, shared between Iran and Qatar. According to the International Energy Agency, the field holds an estimated 51 trillion cubic meters of in-situ natural gas and some 50 billion barrels of natural gas condensates.

This gas field covers an area of 9,700 square km, of which 3,700 square km is in Iranian territorial waters called South Pars and 6,000 square km is in Qatari territorial waters referred to as North Dome.

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