Iran's Ministry of Petroleum is to print bonds worth 50,000 billion rials for financing projects in the current calendar year, a deputy minister of petroleum said.
Rokneddin Javadi, who is also managing-director of National Iranian Oil Company, said this amount is authorized by Iran's national budget.
He said that the bonds would help fun all enhanced recovery and preservation projects with focus on the giant South Pars gas field, the oil ministry's official Shana news agency reported June 2.
The South Pars gas field is estimated that the Iranian section of the field contains 14 trillion cubic meters of gas and 18 billion barrels of condensates in place.
South Pars is part of a wider gas field that is shared with Qatar. The larger field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters (South Pars) in the Gulf. The remaining 6,000 square kilometers, referred to as the North Dome, are in Qatar's territorial waters.
