Iran: South Pars Annual Revenue to Hit $120 billion in Next Four Years

All the remaining phases of the South Pars gas field will come on stream in next four years resulting to $120 billion annual revenue, managing director of the National Iranian Oil Company (NIOC), Mr. Qalebani announced here on Monday.

According to the report of the public relations of the NIGC, he said that annual oil and gas revenue would rise to $250 billion in next five years, considering current daily oil production of 4.2 million barrels.

He predicted that about $12 billion to be absorbed at the underway phases of the South Pars gas field before ending current Iranian year on March 20 2011.

In addition, he predicted that the volume of investment to reach $12 billion during the next Iranian year.

Expressing satisfaction with the executive process and absorbing financial resources, he projected all phases of the South Pars gas field would come on stream by March 2014.

By stating that Iran oil industry’s development plans are being implemented by Iranian consultants, contractors and producers, he added that fortunately Iranian contractors had promoted their capabilities so as they can implement oil and gas projects independently.

Source: Iranian Gas, January  18, 2011; Image: Petropars

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