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Full Development of Phase 11 by Petropars

  Full Development of Phase 11 by Petropars

In his interview with reporters and correspondents, the Petroleum Minister said that the International Department of China’s National Petroleum Company (CNPCI) has withdrawn from development of Phase 11 of South Pars Gas Field Development and that Petropars is due to fully develop Phase 11.

According to a report released by the International Affairs and Public Relations Department of Petropars Group, with respect to Phase 11 of South Pars Gas Field, the Petroleum Minister stated, “The final decision has been made in connection with Phase 11 and that Petropars will go on to fully develop this Phase and that by the end of current Iranian year the first jacket of Phase 11 will be erected to put in place a platform which will have a production capacity of 500 million cubic feet per day.”

As for revamping of Phase 11, the Petroleum Minister said, “This question of revamping of Phase 11 for its development is dependent upon the outcome of the negotiations with MAPNA and other domestic Iranian companies.” However, when faced with the question why development of Phase 11 was not ceded to Petropars since the very first day, the Petroleum Minister stated, ”We intended to attract foreign investment for development of Phase 11 in addition to the fact that revamping platform proved very conspicuous for us.”

It is worth mentioning that in 1396 (2017) a contract was concluded among TOTAL of France, CNPCI of China and Petropars on the one side and the National Iranian Oil Company (NIOC) on the other for development of Phase 11. However, when there was a substantial increase in the pressure of US-imposed sanctions against Iran, TOTAL and CNPCI withdrew from development of Phase 11. Under the present circumstances, Petropars is the best option to fully develop Phase 11.

Earlier in the course of the ceremony held for concluding the contract for development of the Eastern Section of South Pars (i.e. Balaal Field) between Iran Oil and Gas Company and Petropars, the Petroleum Minister described Petropars as the best E&P Company which has always managed to complete all projects assigned to them in a cost-effective and time-effective manner.

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Established in 1998, Petropars Ltd. (PPL) was founded in order to contribute towards the development of Iran’s vast energy resources PPL specializes as a developer of exploration exploitation and production in upstream projects... Read more