Iran implementing projects on dev't of oil, gas, petrochem sectors in south of country

Energy Materials 30 August 2022 10:40
Baku, Azerbaijan Trend News Agency Elnur Baghishov
Iran implementing projects on dev't of oil, gas, petrochem sectors in south of country

Iran is taking serious steps regarding projects on development of oil, gas and petrochemical sectors in the south of the country, mainly in Bushehr Province, Iranian Oil Minister Javad Owji said, Trend reports citing Shana News Agency.

He made the remark at an event dedicated to the launch of a number of facilities in Bushehr Province on August 29, 2022.

The minister noted that a total of $1 billion worth of facilities were put into use in the Bushehr Province on August 29. At the same time, work on projects worth $2 billion has been started.

Owji added that Iran welcomes attracting of any foreign investments in the country’s oil, gas, petrochemical sectors. In this direction, an agreement was recently signed with Russia's Gazprom Company on the development of the North Pars gas field in Bushehr Province.

Iran's North Pars gas field is located 120 km southeast of the Bushehr port in the Bushehr Province. This field was discovered in 1965. So far, 17 gas wells have been drilled in the field and 26 platforms have been installed.

The field contains a total of 1.66 trillion cubic meters of gas, of which 1.34 billion cubic meters are extractable.

According to research, if this field is developed, it will be possible to extract 4 billion cubic feet (about 113 million cubic meters) of rich gas daily and 20 million tons of LNG annually.

“In addition, Iran’s Oil Ministry has allocated 3 trillion rials (about $71.4 million) for the construction of the Bushehr-Shiraz railway line,” Owji said.

The total length of the Bushehr-Shiraz railway line will be 450 km. Of this, 140 kilometers will be in Bushehr Province, and 310 kilometers - in Fars Province.

According to the minister, Iran’s Oil Ministry has also allocated funds for social projects in the Bushehr Province worth about 13.8 trillion rials (about $328 million) in the current Iranian year (March 21, 2022 through March 20, 2023).