‘South Pars incomes to hit $127bn in a couple of years’
The head of National Iranian Oil Company (NIOC) says annual energy revenues from the South Pars supergiant in the Persian Gulf will reach USD127 billion within a couple of years.
Rokneddin Javadi said Tuesday that such a target will be reached in the next two years as the natural gas production at the South Pars is set to climb to 250 billion cubic meters (bcm) by then.
The Iranian deputy petroleum minister added that in the current Persian calendar year (which ends on March 20), over 107 bcm natural gas was harvested from the energy source.
Javadi (pictured below) said as the South Pars development project comes to full fruition, its revenues will equal that of 5.8 million barrels of oil.
The senior oil ministry official made the comments at the inauguration ceremony of the main phase of the supergiant offshore gas field in southern Iran.
Phase 12 of the gas reservoir was launched on Tuesday in the presence of Iranian President Hassan Rouhani.
Iran has invested more than seven billion dollars on the development of that phase.
It is estimated that the launch of the phase will raise the country’s gross domestic product (GPD) by about two percent.
Phase 12 of South Pars is expected to earn the Islamic Republic USD6 billion a year in revenues.
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