Iran expects $110 billion annually from South Pars

Iranian Petrol Minister Seyed Massoud Mirkazemi said that Iran will earn $110 billion annually from launching the South Pars field.

The minister clarified that the gas field is under joint control with Qatar. It needs additional investment to prevent Iran falling behind in developing the field.

Mirkazemi noted that every phase of the field will produce 25 million cubic meters of gas and 40,000 barrels of gas condensate daily.

The local population is already employed at Asalouyeh, where it is involved in processing the gas.

Mirkazemi said that the five-year development program (2010-2015) involves investing $60 billion in industry at Asalouyeh and the South Pars gas field.

The minister noted that the program provides prospects for a 20-year development period (2005-2020). Gas extraction should reach at least 1.1 billion cubic meters daily. Reducing gas consumption in the industry will allow gas exports to increase. Gas will also be used to increase oil extraction.