Iran to Spend $30 bn on Energy Projects, South Pars a Major Focus

Iran will likely spend $30 billion in domestic energy industry during the current Iranian year which began on March 20, with majority of that fund going towards South Pars gas field projects, Shana news agency report quoting Iranian minister of petroleum, Rostam Qasemi.

Qasemi said that sanctions against the country's oil sector have failed and would not block the industry's progress. The Islamic republic has withstood the impacts of Western sanctions on its oil sector, he said.

Meanwhile, gas output from South Pars gas field hit 86 billion cubic meters worth 40 billion dollars during the last Iranian calendar year.

South Pars gas field production capacity rose to 290 million cubic meters per day last year up 42 million cubic meters per day year on year. 
 
The South Pars field is a gas condensate field located in the Persian Gulf. It is the world’s largest gas field and is shared by Iran and Qatar. According to the International Energy Agency, the field holds an estimated 50.97 trillion cubic meters (1800 trillion cubic feet) of gas and some 50 billion barrels of condensates.