The decision was made by ministers during the session on reviewing general terms of the next year’s budget bill (21 March 2016- 20 March 2017).
Iranian Parliament has authorized using National Development Fund for the development of the joint fields in the current year’s budget for investment including in the major South Pars projects.
The South Pars gas field is one of the largest gas reservoirs in the world lying on the territorial border between Iran and Qatar in the Persian Gulf.
It covers an area of 9,700 square kilometers, of which 3700 square kilometers belongs to Iran. The Iranian portion is estimated to contain some 14 TCM of gas reserves and some 18 bn bl of gas condensates. This amounts to roughly 7.5 % of the world gas reserves and approximately half of the Iran’s gas reserves.
Some projects are underway for development of 24 phases to produce 790 million cubic meters of gas per day. South Pars gas field development shall meet the growing demands of natural gas, injection into oil fields, gas and condensate export as feedstock for petrochemical industries.
As a result, Asalouyeh and Tombak ports, some 270 and 220 kilometers south east of Bushehr respectively, have been selected as locations for the construction of onshore installations of the phased development of the field.
Considering the fact that the area lies on the border of Bushehr and Hormozgan provinces on the central northern rim of the Persian Gulf shoreline and that it is the nearest point to the South Pars gas field, it is of a special strategic significance which can attract and retain capital investments.
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