Gulf Oil and Gas accountACCOUNT

No Message Received from Total to Abandon Phase 11

Source: www.gulfoilandgas.com 5/13/2018, Location: Asia

Share |
No message has been received from Total to abandon south pars phase 11 development. Total is decisively negotiating on tender in details that indicates serious determination to continue its activities in south pars, managing director of pars oil and gas company announced.

According to public relations department of pars oil and gas company, in a press conference on closing day of the 23rd international oil show, MohhamadMeshkinfam explained the latest conditions of gas production from south pars tank. He said it has been produced 1 trillion and 240 billion cubic meters of sour gas so far and daily gas production capacity has met 585 million cubic meters.Moreover, 600,000 barrels of gas condensate on average have been produced from the tank last year.

The number of the wells in operation has reached more than twice as many as been through the past five years.

Numerically speaking, 110 wells were in operation which produced 285 million cubic meters per day in 2013 whereas this number has met 252 wells that produced 570 million cubic meters until May 2018, managing director said.

Meshkinfam pointed out that Iran and the state of Qatar are now equally producing from the common field. Moreover last year was the first time we were able to extract 25000 barrels of oil from south pars oil layers. He also continued the three giant plans were formally exploited at the beginning of last Iranian calendar year (April 2017) as well as 400 kilometers of pipelaying operations belonged to offshore facilities.

Announcing the installation and exploitation of 5 SP platforms, he added up that totally 8 platforms will be put into production orbit by the end of current Iranian calendar year (by the end of coming winter).

Referring to the U.S withdrawal from the nuclear deal, managing director said the conditions have been reviewed for the possible return of sanctions and its impacts on south pars development plans as well as some measures taken to deal with it.Based on the mechanisms envisaged in the contract provisions,If Total, for any reason, cannot continue to operate in the phase11, its share will be entrusted to Chinese company (CNPC). Even though the Chinese partner resigns for some other reasons, the Iranian company called Petropars will continue to develop SP11.

Recalled Petropars activities in phases 12 and 19, Meshkinfam emphasized that the first part of phase 11 development entails natural gas production from the tank that this company has gained appropriate experience in mentioned phases. In the second part that entails installation and exploitation of gas pressure boost stations, it might have some potential problems required to bereviewed and revised.

Given $90 million cost by Total to develop phase 11, we have not received a message so far from the representatives of the French company about withdrawal from the contract. We have even negotiated over the details of the projects few days ago that indicates the serious commitment of Total to continue this project.

Farzad B development contract to sign soon
In another part of his remarks, Meshkinfam pointed out to Farzad B gas field development by an Indian company and said that negotiations have been concluded with the Indian company. Subsequently the contract will be signed in a very close future. Some degree of this gas will be injected to the oil fields and some others will be refined in the blank capacity of south pars refineries.

He said Maersk Company joined to Total and left the negotiation process. In this regard, due to the complex structure in terms of production and recovery of SP oil layers, we are seeking a competent contractor to carry out its development.

All equipment needed for south pars are available
Managing director of Pars Oil and Gas Company declared that all equipment required for development plans have now been imported and being installed. Therefore, there is no problem in importing them. Total conditions different from 2006
Compared to 2006, Meshkinfam said Total was working on the project 'Pars LNG' which encountered some problems to take international licenses whereas now it is going to produce gas from south pars phase 11 for domestic consumptions. Thus the conditions for this company are different.

Mergers and Acquisitions News in Iran >>

Denmark >>  8/17/2018 - A.P. Moller – Maersk has decided to pursue a demerger via a separate listing of Maersk Drilling on Nasdaq Copenhagen in 2019. ...
Scotland >>  8/15/2018 - Texo Group is pleased to announce the acquisition of Aberdeen-based, Orca Subsea to form Texo Marine. The engineering and technology group, which anno...

United States >>  8/14/2018 - Diamondback Energy, Inc. and Energen Corporation announced that they have entered into a definitive agreement under which Diamondback will acquire Ene...
Nigeria >>  8/13/2018 - Seplat Petroleum Development Company Plc, a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock...

Saudi Arabia >>  8/12/2018 - Saudi Aramco, Air Products, and ACWA Power announced the signing of a Term Sheet to form a Gasification/Power joint venture (JV) located at Jazan Econ...
Poland >>  8/9/2018 - Horizon Petroleum Ltd. has entered into a Letter of Intent (“LOI”) with a private European entity (the “Farmee”) for a farm-in on the Lachowice conven...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |

Oil & Gas Projects in Iran >>

More News

 

Oil & Gas Companies in Iran >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.