Venezuela’s State oil company Petroleos de Venezuela SA (PDVSA) Company will finance ten percent of the required amount for carrying out the development plan of Iran's South Pars gas field’s phase 12.
The managing director of Petropars Company and the Venezuelan side signed the MoU.
Iran’s Petropars is the operator of the project.
According to the MoU, PDVSA will invest $760 million in South Pars gas field’s phase 12.
The South Pars Phase 12 development plan is aimed at producing 78 million cubic meters of natural gas, 110,000 barrels of gas condensates, and 750 tons of granular sulfur per day.
South Pars, in the Persian Gulf, is the world’s largest gas field, shared between Iran and Qatar. It covers an area of 9700 square kilometers, of which 3700 square kilometers (South Pars) is in Iranian territorial waters and 6000 square kilometers (North Dome) is in Qatari territorial waters.
PDVSA would invest $760 million in the development of phase 12 of Iran’s giant South Pars natural gas field and Tehran pledged to invest same amount of money in the development of Venezuelan oil field Dobokubi as well as the development of Block 7 of the Ayacucho oil field.