• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 57 mins Recession Jitters Are Rising. Is There Reason To Worry?
  • 50 mins Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 43 mins China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 7 hours US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 3 hours Used Thin Film Solar Panels at 15 Cents per Watt
  • 37 mins A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 7 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 2 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 11 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 10 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 8 hours Iran Is Winning Big In The Middle East
  • 6 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 5 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 6 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
Alt Text

Washington Threatens Greece In Tanker Seizure Saga

Washington has asked Greece not…

Alt Text

Authorities Bust Illegal Crypto-Mining Lab In Nuclear Power Plant

Ukrainian Security Service operatives discovered…

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
Download on the App Store Get it on Google Play