Total: signs major contract in Iran.
(CercleFinance.com) - Total and the National Iranian Oil Company (NIOC) have announced signing a contract for the development and production of phase 11 of South Pars (SP11), the world's largest gas field.
The project will have a production capacity of 2 billion cubic feet per day or 400,000 barrels of oil equivalent per day including condensate. The produced gas will supply the Iranian domestic market as from 2021.
This contract, which has a 20-year duration, is the first Iranian Petroleum Contract (IPC). Total is the operator of the SP11 project with a 50.1% interest alongside the Chinese state-owned oil and gas company CNPC (30%), and Petropars (19.9%), a wholly owned subsidiary of NIOC.
“This is a major agreement for Total, which officially marks our return to Iran to open a new page in the history of our partnership with the country," said Total's CEO Patrick Pouyanné.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The project will have a production capacity of 2 billion cubic feet per day or 400,000 barrels of oil equivalent per day including condensate. The produced gas will supply the Iranian domestic market as from 2021.
This contract, which has a 20-year duration, is the first Iranian Petroleum Contract (IPC). Total is the operator of the SP11 project with a 50.1% interest alongside the Chinese state-owned oil and gas company CNPC (30%), and Petropars (19.9%), a wholly owned subsidiary of NIOC.
“This is a major agreement for Total, which officially marks our return to Iran to open a new page in the history of our partnership with the country," said Total's CEO Patrick Pouyanné.
Copyright (c) 2017 CercleFinance.com. All rights reserved.