Iran approves investment for South Pars phases 15 and 16

Jan 04, 2010 01:00 AM

The Iranian government has approved the allocation of $ 2 bn for the development of the South Pars gas field's phases 15 and 16.
It was reported that $ 500 mm of the mentioned amount will be allocated to the project out of the Forex fund and $ 1 bn out of the Oil Ministry's internal financial sources, while a consortium of domestic banks will fund the other $ 500 mm.

Development operations of the South Pars phases 15 and 16 started in January 2007.
The project is aimed to produce 50 mm cm of refined natural gas per day as well as one mm ton of LPG and 1 mm ton of ethane per year. It is estimated that some 75,000 barrels of gas condensates and 400 tons of sulphur will also be extracted from the phases per day.

The South Pars gas field is located in the Persian Gulf. It is the world's largest gas field, shared between Iran and Qatar.
According to International Energy Agency, the field holds an estimated 50.97 tcm (1,800 tcf) of in-situ gas and some 50 bn barrels of condensates.

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