Iran plans major investments at South Pars

TEHRAN, July 2 (UPI) -- Major investments in Iran's South Pars gas field will exploit billions of undeveloped reserves and provide a boost to the local economy, officials say.

Iran has unveiled a series of investment strategies meant to boost the national energy sector under the terms of a five-year national strategy set to kick off in 2010.

Seifollah Jashnsaz, managing director at the National Iranian Oil Co., said Tehran plans $40 billion to invest in at least seven phases at South Pars, the Iranian Petroenergy Information Network reports.

The South Pars complex in the Persian Gulf near Qatar is the largest gas field in the world.

"Developing North Pars gas field is also predicted," he said. "Considered as one of the most complicated natural gas fields, it is planned to invest $25 billion on this project" for oil and liquefied natural gas developments.

The director said the NIOC will utilize local employees in the regions surrounding the Pars Special Energy Economic Zone, a free-trade area, in an effort to boost the economy in the region.

In terms of trends in Iranian resource development, he said the national oil industry outpaced predictions by 13 percent during the first term of Iranian President Mahmoud Ahmadinejad.