US$23 billion invested in Iran's South Pars gas field
Some US$23 billion have been invested in Iran's South Pars gas field. Oil production from the field is to start soon. According to IRNA, official in charge of the Oil Ministry Department for Development of Oil Rich Regions, Hossein Shahabeddin, told a group of oil officials that the project will provide jobs for 150,000 people in South Pars in Assalouyeh, Bushehr province.
The South Pars gas field, which straddles the Iranian and Qatari sectors of the Persian Gulf, is the largest gas field in the world and belongs to both Iran and Qatar. The daily production of Iran's South Pars gas field, once all of its 12 development phases are complete, will hit 300 million cubic meters thus pushing up the annual revenues from the field to about US$ 2.8 billion. The Italian Agip company has contracted US$ 809 million of projects, much more than its commitments, to Iranian enterprises in developing the South Pars gas field.