The government of Iran has allocated $5 billion of its internal resources for the development of the South Pars gas field in the Persian Gulf.
“This sum will be spent for developing phases 20 and 21 of the oil layer of South Pars and setting up the 1000-megawatt Pars Combined Cycle Power Plant,” IRIB quoted Pars Oil and Gas Company managing director Ali Vakili as saying.
Vakili added that Iran’s Naftiran Intertrade Company (NICO) will provide $1.8 billion to develop phase 12 of the field.
The South pars field is owned jointly by Iran and Qatar, with Iran’s share of the field standing at about 14 trillion cubic metres of gas, around 8% of total world reserves.
According to Vakili, 40% of the financial resources of the National Iranian Oil Company (NIOC) will be invested in the South Pars gas field during the current Iranian calendar year.
