TEHRAN (ecoideal)- A senior trade official announced that phase 11 of the South Pars will earn a sum of $84 billion for the country.
"Taking each barrel of oil to be sold for $50, total value of products of phase 11 of South Pars will reach as high as $84 billion within the period the contract is in force and afterwards," Managing Director of the National Iranian Oil Company Ali Kardor told reporters in a signing ceremony on Monday held for deal signed between NIOC and French energy giant Total as well as China's CNPC.
"The aim behind the July 3 contract is to initially gain access to two billion cubic meters of gas production in phase 11; the contract will be in force for 20 years and within that period, 335 billion cubic meters of sour and rich gas will be produced," he added.
The official went on to say that 290 million barrels of gas condensates and 315 billion cubic meters of light sweet gas will be produced.
The top NIOC official said the contract will be implemented in two phases: The first phase is worth 2.4 billion dollars, resulting in production of two billion cubic feet of gas from phase 11.
The value of the second phase is also 2.4 billion dollars.
National Iranian Oil Company (NIOC), Total, CNPC and Petropars signed a 4.8-billion-dollar contract for development of South Pars gas field phase 11.
Total will operate the SP11 project with a 50.1 percent interest, while Iranian Petropars company will have a share of 19.9 percent and the Chinese CNPC 30 percent.
The contract was signed by the NIOC Chief Ali Kardor, Petropars Head Hamid Akbari, Total’s Pouyanne and CNPC CEO in presence of Iran’s Minister of Petroleum Bijan Zangeneh and the French and Chinese ambassadors to Tehran as well as parliamentary Energy Committee members and senior petroleum ministry officials.
Source: Farsnews