Mr Mohsen Khojastemehr deputy Minister of Oil for Planning and Hydrocarbon Affairs' Supervision as saying that Phases 8 of South Pars gas field will start production by end of next year.

Mr Khojastemehr said that the phases will add 250 million cubic meters to the national output. Based on early estimates, USD 71 billion should have been invested in South Pars project but USD 41 billion investment has thus far been made. Oil production rose by 20% and that of gas by 22% last year compared to the previous year.

The official noted that contracts valued USD 7 billion will be signed in the near future for development of 3 common oil and gas fields. Last year 12 oil and gas fields were discovered that added up nine billion barrels to the in-situ oil and gas reserves. The amount is other than the in-situ oil discovered in the Caspian Sea.

Source - IRNA

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