SP Phase 11 Starts Offshore Drilling

Long-delayed offshore drilling operations in the South Pars Gas Field Phase 11 off the Persian Gulf started Tuesday by Mapna Drilling Company, the National Iranian Oil Company’s deputy managing director said.
“Drilling rig MD-1 is at SP 11 location near the Iran-Qatar sea border,” Reza Dehqan was quoted as saying by ISNA.
An estimated 14 million cubic meters of natural gas per day is expected to be drawn from the phase by the end of 2021, he noted.
Regarding funds, he said $15 million has been invested so far and $70 million more is needed to complete the first phase of the scheme by next March. “Part of the funds will come from issuing participatory bonds.”