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Int'l Consortium to Develop SP Phase 11

Int'l Consortium  to Develop  SP Phase 11Int'l Consortium  to Develop  SP Phase 11

The National Iranian Oil Company is expected to sign an agreement today with a consortium of companies including the China National Petroleum Corporation International, France's Total and Petropars Company on developing South Pars Phase 11. According to Mehr News Agency, the contract will be signed in the presence of Oil Minister Bijan Namdar Zanganeh in Tehran. According to Zanganeh, Phase 11 is the only phase in the South Pars Gas Field, the world’s largest gas field shared between Iran and Qatar, which has not been developed yet due to past procrastinations. NIOC and France’s Total S.A. struck a deal in 2000 to develop the Phase 11 upstream sector. However, the French energy giant—highlighting oil and trade sanctions imposed on Iran as a hurdle—ultimately scrapped the project. CNPC also had signed a contract to develop the field, but it was booted in July 2012 after failing to meet its contractual obligations. Commenting on agreements to develop the South Pars megaproject, Zanganeh noted that all other phases, namely 17-24, are under development with the help of Iranian contractors.

Comments

Why there's no mention to the IPC?! This is the first contract awarded to foreign companies within the framework of IPC..

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