Investment: News for Oil & Gas and Hydrocarbon Industries  Membership Services »
Gulf Oil and Gas grow your business
Home News Events Projects Tenders Unconventionals Community | My Account
Products and vendors Services and providers Jobs

SP Upstream Sector Needing $60 Billion Investment

Source: Shana 3/7/2011, Location: Asia

Share |

‘Launching all the South Pars gas field phases requires sixty billion dollars investment in upstream sector of the field up to the end of Twenty Years Outlook in 2025,’ Iran’s minister of petroleum, Dr. Seyed Masoud Mirkazemi said.

Addressing today morning at the Second National Meeting On Perspective Of Integrated And Knowledge Centered Sustainable Development in Pars Special Economic Energy Zone (PSEEZ), Mr. Mirkazemi said: through cooperation between ministry of petroleum and presidential office serious works have been done on attracting investment adding it is hoped remaining phases of South Pars gas field to be completed on schedule in next 35 months.

'God given gas reserves in Assaluyeh (8 percent of the global gas reserves) has put a double burden on oil industry’s shoulder to attain knowledge centered sustainable development,’ the official said.

Stating that the chain of creating value added should be taken into consideration in development of the South Pars gas field remaining phases, the official remarked that establishment of 21.7 million tons of petrochemical production capacity in the region implies the importance of such value added.

The minister of petroleum went on to say that Iran’s petrochemical production capacity would rise to 55 million tons per year up to the end of Fifth Five Year Development Plan in 2015 through private sector’s investment in the sector. ‘Rising productivity, human being resources, accuracy, quickness, trust and assurance are the main indicators of successful and sustainable development in Assaluyeh region,’ Mirkazemi noted.

Referring to the ministry of petroleum’s plans to develop remaining phases of South Pars gas field in next 35 months, Mirkazemi described the plan as a record in world oil and gas industry demanding the ministry’s oil and gas subsidiaries and private sector’s companies to try to materialize the record by recruiting experts and local forces. ‘By launching all the South Pars gas field phases, Iran’s yearly revenue from the field will rise to 110 billion dollars based on calculating each barrel of oil 80 dollars,’ minister of petroleum added.

The official concluded that if we are going to achieve the goals of Twenty Years Outlook, the oil industry should start development of industrial units in the region now.

Investment News in Iran >>

New Suez Canal to Reduce Oil Prices
  Egypt >>  7/30/2015 - Special Envoy and Coordinator for International Energy Affairs leading the Bureau of Energy Resources (ENR) at the US Department of State Amos J. Hoch...
Mexico to Postpone Deepwater Auction, Adjust Next Oil Tender Terms
  Mexico >>  7/29/2015 - Mexico, which has started to open its nationalized oil industry to additional private investment, will postpone auctions for deep-water oil exploratio...

US Stock Movements - July 2015
United States >>  7/26/2015 - Preliminary data for June shows that total commercial oil stocks rose for the eighth consecutive month by 5.7 mb to stand at 1257.7 mb. At this level,...
SOCAR & Vitol Group Presidents Hold Meeting
  Azerbaijan >>  7/23/2015 - SOCAR President Rovnag Abdullayev held a meeting with delegation led by Ian Taylor, Chief Executive Officer of Vitol Group, one of the largest energy ...

Iran Eyes $185 Billion Oil & Gas Projects After Sanctions
  Iran >>  7/23/2015 - Iran outlined plans to rebuild its main industries and trade relationships following a nuclear agreement with world powers, saying it was targeting oi...
Govt Cabinet to Receive Final IPC Draft
  Iran >>  7/22/2015 - The Iranian government cabinet will presently receive the final draft of the new petroleum contract model, known as Iran Petroleum Contract (IPC), for...



Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

More News

Oil & Gas Companies in Iran >>

Related Links

Countries Quick Links

AZ BD BN CN GE HK ID IN IR JP KR KZ MM MN MY PG PH PK RU SG TH TJ TM TW UA UZ VN
Gulf Oil and Gas B2B marketplace:   About -  Advertising -  Competitive Intelligence -  Talent Solutions -  Membership Services Follow us on Facebook
Copyright © Universal Solutions All rights reserved. Privacy Policy. - Contact Us  Gulfoilandgas rss feed