|Petropars to implement Phase 11 of South Pars development plan as foreign firms pull out||
TEHRAN – Iran’s Petropars Company will implement Phase 11 of the South Pars gas field development project as France's Total, Malaysia’s Petronas, and China’s CNPC have pulled out of the project, IRNA reported.
Phase 11 is projected to yield 2 billion cubic feet of sour gas and 80,000 barrels of as condensates per day.
Iran dismissed France's Total from Phase 11 of the South Pars gas field in 2009 following a decade-long delay in recovering the field’s biggest gas layer.
Tehran signed a $4.7-billion contract with China National Petroleum Corporation (CNPC) in 2009 to help develop Phase 11 of the South Pars, replacing France's Total SA.
Iran commissioned the development of Phase 11 to CNPC after France’s Total and Malaysia’s Petronas pulled out.
In December 2012, Iran warned it would cancel its contract with China for developing Phase 11 of the South Pars due to foot-dragging by the CNPC.
Iran is currently producing 300 million cubic meters per day of gas from the South Pars.
The South Pars gas field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters in the Persian Gulf.
The remaining 6,000 square kilometers, i.e. North Dome, are in Qatar's territorial waters.
The Iranian gas field, which is divided into 29 phases, contains 14 trillion cubic meters of natural gas, about eight percent of the world's reserves, and more than 18 billion barrels of LNG resources.
Subscribe to our RSS feed to stay in touch and receive all of TT updates right in your feed reader