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$16 Billion to Be Pumped to SP Projects Next Year

Source: Shana 3/13/2011, Location: Asia

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Deputy minister of petroleum for planning and supervision on hydrocarbon resources, Mohsen Khojastemehr, says next year 16 billion dollars will be pumped to South Pars gas field projects through offering bonds, buyback contracts and domestic financial resources.

Mr. Khojastemehr added that mobilization of all the capabilities including human resources, goods, services and funds to develop South Pars as a shared gas field is one of top priorities of Iran’s ministry of petroleum in next Iranian calendar year starting March 21 2011.

‘Protecting oil and gas reservoirs, maintaining current level of production under the Article 229 of the Fifth Five Year Development Plan, development some of the newly discovered fields and improving ways of gas injection into the oil fields are amongst the other programs of the ministry of petroleum in next year.

Deputy Minister of petroleum noted that next year some contracts would be signed to develop a number of the shared and independent oil and gas fields whether their studies had been completed or to be at the initial phase of development.

Khojastemehr said: serious revision of gas injection methods and drafting a roadmap to enhance oil production, which is at its final step of completion, will be presented to the related departments for execution early next year.

Referring to the Iranian year of 1390 as the starting year of the implementation of the Fifth Five Year Development Plan, the official noted while completion of oil industry plans last for three to five years so funding the projects is vital from the beginning.

Khojastemehr said that supplying gas to rural areas by allocating 800 million dollars to the sector is another topic on the agenda of the ministry of petroleum for next year adding gas production would increase to 700 million cubic meters per day next year.

Upgrading oil refineries and completing of gasoline making plans, producing gasoline based on euro-5 specifications are other plans of the ministry for next Iranian calendar year.

Completion of petrochemical industry infrastructures, paying more attention to governance issues at petrochemical industry and completion of value chain in the industry are amongst the most important priorities of the petrochemical sector over the next year, the official noted.

“In order to fund the petrochemical projects and helping private sector, a number of petrochemical projects are being presented to National Development Fund to get financial resources,’ the official concluded.

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