South Pars development reverses global energy balance in Iran’s favor

Manouchehri said Iran needs $ 10 billion for development of offshore oil fields.

He said annually, about eight to $ 10 billion should be invested in the offshore oil fields.

He added that South Pars development led to economic growth, growing welfare, technological advancement and upgrading of working standards of Iranian contractors.

'Iran is the only country in the region which is capable of building, installing and exploiting platforms and sea pipelines without resort to foreign companies,” he added.

He said such giant projects as Farzad A and Farzad B, north Pars gas field, Forouz A and B fields and Ferdowsi field in non-border fields are examples of future opportunities ahead of Iranian offshore oil industry.

The official said future of Iran's oil industry needs more technology and capital. 'In offshore sector, more than 70 percent of investment cost is endured by Iranian companies.'

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