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$30b Needed for 2nd Phase of South Pars Development

Source: www.gulfoilandgas.com 5/7/2017, Location: Asia

Iran says will need 30 billion dollars in new investments for carrying out the second phase of South Pars gas field development.

Managing Director of the National Iranian Oil Company (NIOC) Ali Kardor said on Saturday that the second development phase of the massive gas field would be primarily focused on planning and technology transfer to maintaining production level of the field by tapping enhanced recovery methods.

Addressing a press conference on the sidelines of the 22nd Iran Oil Show, the official said all phase development projects of the gas field, shared with Qatar, except for SP. 11 will complete in a matter of a year.

“Fortunately, Iran’s gas output from the field has reached that of Qatar and we hope our production capacity will reach Qatar’s within the next few months,” he said.

Kardor also said that phases II and III of Bandar Abbas Gas Condensate Refinery, developed by Persian Gulf Star Refinery, will most probably come online by next year.

“Once Siraf Condensate Refinery Project comes online, Iran will have no gas condensate left for export,” he added.

He announced that Iran’s oil production capacity has crossed 4 million barrels per day.

Elsewhere in his remarks, he said 7 proposals by international companies have so far been submitted to NIOC for development of oil projects in Iran.

Kardor said the proposals have been handed in by companies like Pertamina, Lukoil, CNPC, Total and Inpex.

Several work packages have been provided in the framework of EPCF deals for developing the projects which will provide for great opportunities for Iranian contractors.

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


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