Iran sees new South Pars investments

TEHRAN, June 8 (UPI) -- Foreigner investors flocked to the South Pars gas field in Iran with plans for 22 separate projects totaling $15.6 billion for development, officials say.

Jalil Ibrahimpour told Iran's Petroenergy Information Network companies mainly from Japan, Thailand, Oman and Venezuela emerged with financial pledges to develop Phase II of the South Pars gas field.

The development comes as Iran moves to replace the French Total at South Pars following what Tehran claims is slow progress.

Seifollah Jashnsaz, the NIOC chief, led a delegation to Beijing last week to discuss development of Phase 11 at South Pars.

In March, Jashnsaz said NIOC was not satisfied with Total's performance but hoped for new arrangements.

Total, under pressure from Washington, has made no progress on developing Phase 11 of South Pars despite positive work on Phases 2 and 3, the director said.

South Pars gas reserves are estimated at 450 trillion cubic feet, roughly half of all total gas reserves in Iran.