Iranian companies "successfully" replace international giants in South Pars

Azerbaijan, Baku, Jun.23/ Trend D.Khatinoglu, F.Milad/ Iranian companies have successfully implemented the South Pars gas field's development plan, as they replaced such big international firms as Total and Eni, which were "fired due to their repeated delays", the Pars Oil and Gas Company's managing director said. "The development of four phases, namely 13, 22, 23 and 24 will come on stream and start production within 35 months," Mousa Souri said, adding that Iranian contractors have broken records of foreign firms in the South Pars. Other phases of the gas field have the potential to come on stream within 40 months, he added, the Mehr News Agency reported. Top global energy companies have withdrawn from Iran's South Pars because of international sanctions adopted over Iran. Today, only one foreign company - the China National Petroleum Corporation, is presented in Phase 11 of South Pars, which has not started operations there despite the fact that 3 years have passed from the agreement. Iranian oil ministry has allocated more than $26 billion to the South Pars gas field development projects in the current calendar year, which began on March 20, an official of the Pars Oil and Gas Company told the Shana News Agency. Last year, around $20 billion was allocated, Touraj Jahanara said. The ministry has attached the priority on securing the budget through attracting foreign investment, he said, adding that the highest investments were made last year in the phases 12, 22-24, and 13. Deputy Oil Minister Mohsen Khojasteh said in October 2011 that development of the South Pars gas field is a priority, and funds will be directed there as long as necessary. In 2009, Iran said development of the remaining phases of South Pars required investment of $40 billion for over 10 years. The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources. Do you have any feedback? Contact our journalist at agency@trend.az