$30b Lost Annually From SP Underdevelopment

$30b Lost Annually From SP Underdevelopment$30b Lost Annually From SP Underdevelopment

Iran is losing $30 billion in annual revenues due to the delay in developing 10 phases of the South Pars Gas Field in the Persian Gulf, head of Majlis Planning and Budget Commission said.

"We can make at least $3 billion from each South Pars phase per year, but delay in the completion of 10 phases translates into a $30 billion loss in national interests annually," Gholamreza Tajgardoun said on the impact of sanctions on the energy sector, Moj News Agency reported.

The statement comes as the Oil Ministry is planning to attract foreign investment in up to 50 energy projects, including several development projects for South Pars phase, in a major conference in the capital Tehran next month.

According to reports, Iran produced 270 mcm/d of gas, 400,000 bpd of gas condensates, 8,000 tons of liquefied petroleum gas, 1,000 tons of sulfur and 5,200 tons of ethane from SP in 2014, which generated $56 billion in revenues.