Iran's annual oil and gas revenues will reach $250 million once the current
projects come on stream, the National Iranian Oil Company managing director said
in Tehran on Wednesday.
Iran's
South Pars gas field
The Islamic Republic of Iran Broadcasting quoted Ahmad
Qalebani as saying, "Currently some $70 billion worth of oil and gas projects
are under construction."
"$30 billion should be invested in Iran's upstream oil industry sector
annually," he added.
When the remaining phases of South Pars gas field become operational 100 million
cubic meters of gas will be added to the nation's sweetened gas production
capacity.
SP gas field's current production capacity stands at 75 million cubic meters of
gas per year.
Iran has the second largest gas reserves in the world after Russia.
The offshore South Pars field contains about half of the estimated 28 trillion
cubic meters of the country's gas reserves.
Qatar holds the southern section of the field, which is referred to as the North
Dome. South Pars along with the North Dome combined are the world's largest
known gas reservoir.
Qatar has developed its side of the field to become the world's largest exporter
of liquefied natural gas (LNG).
