IRANIAN GAS: $7 BLN INVESTMENTS
The Managing Director of Bank Mellat, Iran's biggest private bank, has announced that the institution will invest $7 billion in the development of South Pars gas field, Iran's largest resource holding some 30 percent of the country's total proved gas reserves.
Iran's Shana news agency quoted Mohammad Reza Saroukhani as saying that some $5 billion will be invested in phases 20, 21, 22 and 23, while $2 billion will be put in phase 13 of South Pars.
It's expected that some 125 million cubic meters of gas per day (mcm/d) will be produced from the mentioned phases in total.
Iran has inaugurated phases 1 to 10 to 2009 and commenced the phases 12, 15, 16, 17 and 17 with half production capacity in 2014. South Pars has been divided to 24 phases and currently produces less than 390 mcm/d of raw gas.
Managing-director of Pars Oil and Gas Company Ali-Akbar Shabanpour told Mehr News Agency that Qatar produces 1.6 times more gas than Iran from joint South Gas field. Iran planned to complete South Pars by 2018. After full implementation of this field, the country's total gas production level will stand above 1.1 billion cubic meters per day. Currently Iran produces about 660 mcm/d in total. Iran reportedly needs $20 to $25 billion in investment to complete the South Pars project.
National Iranian Gas Company (NIGC) Planning Director Hassan Montazer Torbati told reporters today that Iran's gas production in South Pars had increased by 22 billion cubic meters during the current fiscal year, which started on March 21th, 2014, leading to a 2.5 billion cubic meter gas trade balance.
Iran exports gas to Turkey and imports Turkmen gas.
|September, 20, 09:05:00|
|September, 20, 09:00:00|
|September, 20, 08:55:00|
|September, 20, 08:50:00|
|September, 20, 08:45:00|
|September, 20, 08:40:00|
BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.
The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.
“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.