Iran Needs $40B to Develop Remainder of South Pars

Citing Ali Vakili, managing director of Iran's Pars Oil and Gas Co., Dow Jones reports that the Middle Eastern country will need $40 billion in additional financing to complete the remaining phases of the massive South Pars development within 10 years.

"We predict all phases of South Pars will be developed within the next 10 years," Ali Vakili was quoted as saying. "We predict that we need about $40 billion to complete the remaining phases."

The largest gas field in the world, South Pars is located on the Iranian border with Qatar in the Persian Gulf (the Qatari side of the field is referred to as the North Field). The whole field spans 9,700 square kilometers, and the Iranian section, South Pars covers 3,700 square kilometers.

Recoverable reserves in South Pars are estimated at 14 trillion cubic meters of natural gas and 18 billion barrels of condensates.