Iran holds 27.5 tcm of proven gas reserves

Apr 17, 2005 02:00 AM

Oil Minister Bijan Namdar Zanganeh said that Iran holds 27.5 tcm of proven natural gas reserves.
Addressing the inaugural ceremony of the phases four and five of the development South Pars gas field in presence of President Mohammad Khatami, Zanganeh said $ 16 bn had been invested in Iran's oil and gas industry over the past seven years.

Zanganeh said two third of the investments in the oil and gas sectors had been in the buy-back and finance forms, with the government playing no role in the process, and only one third of the investments had been made out of resources of the national Iranian oil company in the period.
He said the 27.5 tcm of gas reserves have made Iran the second major gas rich country and fourth major gas producer in the world. He added that five phases of South Pars gas field, which have so far come on stream, earn the country $ 5.87 bn a year, raising GNP by 5 %.

The minister said there are 45 mm gas subscribers in Iran and considering growing need of domestic market to the fuel, the government is determined to expedite operation of oil fields, especially in the form of joint venture projects. He said part of domestic gas should be injected to oil fields and stored for future generations.
He added that export of LNG and related products are among other policies of the government for presence on world markets and earning more incomes. Zanganeh said that national gas refining capacity rose to 383 mm cm last year from 129 mm cm in 1996.

Gas holds a share of 59 % in the national energy basket, and the figure is expected to rise to 62 % this year, said Zanganeh, adding that Iran is among a few countries whose gas constitutes 60 % of the energy basket.
Regarding huge amount of reserves discovered in the country, the gas output of the country would rise to 13 tcm in the next 30 years and less than half of the country's reserves would become operational.

Meanwhile, Zanganeh said $ 11 bn worth of contracts had been signed for development of South Pars gas field in southern Assalouyeh port in Bushehr province. Zanganeh said besides the five phases, operational so far, the phases six, seven and eight which in different stages of progress would be put into operation early next Iranian calendar year of 1385 (to start on March 21, 2006).
He said phases nine and ten whose products are similar to phases four and five are to be put into operation in the 2007-08 fiscal year. He said the South Pars gas field is scheduled to be developed in 24 phases.

Contracts for implementation of 18 phases were signed during president Mohammad Khatami's tenure.
Operation of each phase of South Pars adds 1 % to GNP, said Zanganeh. Each project for development of South Pars would directly provide jobs for more than 20,000 people and direct employment would provide three indirect jobs, he added.

Source: IRIB News
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