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Iran eyes $250 billion annual revenue in 5 years

12/22/10 Source: Mehr News Agency, Tehran

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).

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