Joint Fields Get Bulk Of Buy-back Investment

Tehran, April 5, IRNA -- Over 80 percent of a total 2.6b dollar foreign investment made in buy-back projects in Iran in 2013 and early 2014 has been earmarked for hydrocarbon fields the country shares with neighbors. The Department for Feasibility and Consolidated Planning of National Iranian Oil Company (NIOC) said 11b dollars was totally invested in NIOC projects in the Iranian year which ended March 20, 2014, according to the petroenergy news network SHANA. Development of the South Pars gas field, shared by Iran and Qatar, received 35 percent of the total investment. Phases 12, 15, 16, 17 and 18 of the giant offshore field are prioritized for development. The National Development Fund (NDF), Energy Fund and Central Bank of Iran (CBI) contributed to investment in the NIOC projects. Last year the CBI faced financial restrictions due to lack of access to SWIFT, because of international sanctions imposed on Iran./end