• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 5 hours Rioting and Protesting
  • 1 min The Downside of Political Correctness
  • 15 mins Trump waves a Bible
  • 2 hours George Floyd’s History
  • 10 hours US and Australia Sign SPR Lease Agreement
  • 3 mins China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 12 mins Main Stream Media falls into depressed mood today after hearing the record May jobs report UP 2.5 MILLION JOBS !
  • 4 hours Let's try to link the recent events back to the situation with oil production and pricing
  • 23 hours Healing, Not Hatred
  • 4 hours In the Event of WW3, Oil and/or Renewables?
  • 17 mins Coronavirus hype biggest political hoax in history
  • 10 hours China’s Oil Thirst Draws an Armada of Tankers
  • 20 hours Trumps Oil Industry....
  • 23 hours Let’s Try This....
  • 1 day Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
Are Diamonds The Future Of Energy Storage?

Are Diamonds The Future Of Energy Storage?

New research on energy storage…

The Big Tech Company Backing Canada's Oil Sands

The Big Tech Company Backing Canada's Oil Sands

Though Big Tech has played…

Joao Peixe

Joao Peixe

Joao is a writer for Oilprice.com

More Info

Premium Content

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


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




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