Iran's natural gas extraction at the giant South Pars field shared between Qatar and Iran will double in two years' time.
“With all the wells in phases 9 and 10 coming on stream, phases 15 and 18 will begin production next year and phase 12 of the joint South Pars field is scheduled to come on line in 2012, Iran's extraction will rise by 100% to 225 million cubic meters,” a top official at the Iranian Pars Oil and Gas Company, Hossein Nosrat-Zadeh, was quoted by IRNA as saying.
He added that natural gas has a roughly 70% share in Iran's energy basket, and South Pars plays a determining role in meeting fuel needs in the coming decades.
“Over $50bn is expected to be invested in South Pars projects” during the Fifth National Development Plan, he went on to say.
Nosrat-Zadeh underlined that the Pars Oil and Gas Company has finalized deals with local contractors on the development of five phases of South Pars.
He then said the company has issued bonds in both foreign currency and rials over the past year to give all Iranians the opportunity to participate in the development of the field.
According to Nosrat-Zadeh, the bonds have been widely welcomed both at home and abroad.
More than 5.3bn Euros worth of bonds are up for grabs this year, he concluded.
