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SP Upstream Sector Needing $60 Billion Investment

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

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‘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.

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