• 4 minutes Will Libya Ever Recover?
  • 9 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 13 minutes What Can Bring Oil Down to $20?
  • 16 minutes Venezuela continues to sink in misery
  • 16 hours Alberta govt to construct another WCS processing refinery
  • 3 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 7 hours Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 7 hours Instead Of A Withdrawal, An Initiative: Iran Hopes To Agree With Russia And Turkey on Syrian Constitution Forum
  • 18 hours Let's Just Block the Sun, Shall We?
  • 8 hours Water. The new oil?
  • 4 hours Storage will in time change the landscape for electricity
  • 2 days Quebecans Snub Noses at Alberta's Oil but Buy More Gasoline
  • 2 days U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 2 days OPEC Cuts Deep to Save Cartel
  • 7 hours Regular Gas dropped to $2.21 per gallon today
  • 2 days Global Economy-Bad Days Are coming
Alt Text

Crypto Mining Could Leave This Region Without Power

Authorities in Abkhazia are trying…

Alt Text

Oil Industry Faces $1 Trillion Challenge

The International Maritime Organization is…

Alt Text

Oil Prices Crash To 1-Year Lows

Oil prices have crashed to…

Joao Peixe

Joao Peixe

Joao is a writer for Oilprice.com

More Info

Trending Discussions

Iran Accelerates Development of its Oil and Natural Gas field in the Persian Gulf

Iranian President Mahmoud Ahmadinejad has approved a $5 billion credit line for Iran’s Oil Ministry, which sets aside $4.3 billion for the development of projects in Iran’s South Pars oil and natural gas field, which is under joint development with Qatar.

Iran is developing 13 phases of the massive natural gas field, as by 2013 Qatar is projecting massive exports from its development. Last year Iran signed contracts with domestic companies worth $21 billion for the development of the first 8 phases of South Pars.

According to international energy experts, Iran has 137.6 billion barrels of proven oil reserves and 29.61 trillion cubic meters of proven gas reserves, but development of the latter have been somewhat stymied due to U.S. and United Nations sanctions, Iran’s Fars News Agency reported.

Three months ago the National Iranian Oil Company announced the discovery of yet another large deposit of crude oil and natural gas in the South Pars field, which NOIC geologists estimated would increase Iran's crude and gas condensate reserves by one billion barrels.

The South Pars natural gas field reserves are currently estimated at 14 trillion cubic meters of gas and 18 billion barrels of gas condensates.

By. Joao Peixe, Deputy Editor OilPrice.com




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News