Iranian companies successfully replace international giants in South Pars

TEHRAN,June 24(MNA) - Iranian companies have successfully implemented the South Pars gas field’s development plan, as they were substituted for big international firms, such 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 com eon stream within 40 months, he added. 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 with the Pars Oil and Gas Company told . 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-Mehr said in October 2011 that development of the South Pars gas field is a priority, and funds will be channeled there for as long as necessary. In 2009, Iran said development of the remaining phases of South Pars required investment of $40 billion 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.