Iran to Grant Gas Contracts to European Firms

Source: Tehran Times 2/26/2006, Location: Asia

Iran will next week grant Total, Shell and Repsol upstream development contracts in the giant South Pars gas field in the Persian Gulf, an Iranian state oil firm said on Saturday. Iran intends to use phases 11 and 13 of South Pars, which sits on the world's biggest reservoir of natural gas, to produce liquefied natural gas (LNG). Iran hopes to export its first LNG shipments in 2009.

"The signings will be late this week," said a spokesman for the Pars Oil and Gas Company. The Iranian working week starts on Saturday and ends on Wednesday or Thursday, depending on the institution.

Total is looking to develop phase 11 of South Pars to produce LNG, gas supercooled to liquid for loading onto tankers, in a project called Pars LNG. Shell and Repsol are looking to do the same with phase 13, a project called Persian LNG.

Akbar Torkan, managing director of the Pars Oil and Gas Company, was quoted the contract to develop phase 11 would be worth $1.2-$1.4 billion. The phase 13 deal would be worth $1.5 billion, he added.

Although it sits on the world's second biggest reserves of natural gas, Iran has been very slow to develop exports. Qatar, which draws its gas from the same Persian Gulf reservoir, is a long-established LNG exporter.


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Related Categories: General  LNG Carriers  LNG Terminal  Natural Gas Storage  Oil and Gas Pipeline  Oil Storage  Railways  Tank Truck  Tankers 

Related Articles: General  LNG Carriers  LNG Terminal  Natural Gas Storage  Oil and Gas Pipeline  Oil Storage  Railways  Tank Truck  Tankers 


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