A member of the Iranian parliament said the body backs signature of deals with foreign companies under the 6th development plan of the country.
Mohammad Khodabakhshi who is also a member of the Plan, Budget and Audit Committee of the parliament, said the plan authorizes the administration to attract investments from foreign financiers for developing oil and gas projects inside the country and therefore the parliament backs the administration in this regard.
He said the development plan requires the administration to absorb 65 billion dollars from foreign investors every year.
"Provided that the deals ensure dignity, wisdom and interests of the country, the parliament backs them," the MP said.
However, he added, the views of MPs must be considered in cementing the deals, too.
National Iranian Oil Company (NIOC) on July 3 signed a contract with a consortium comprising Total, China's CNPC International and Petropars Company for developing the project in Persian Gulf waters.
South Pars Phase 11 is being developed for production of 2 million cubic meters of natural gas.
Total will operate the project with a 50.1% interest alongside Petropars (19.9%) and the CNPC (30%). The consortium is expected to produce around 50 million cubic meters of gas per day from the offshore reserves of SP. 11 project.
During 20 years of gas extraction under the contract, an estimated volume of 335 billion cubic meters of rich, sour natural gas will be produced from the phase with 290 million barrels of gas condensate, 14 million tons of liquefied petroleum gas (LPG), 12 million tons of ethane and 2 million tons of sulfur as well as 315 billion cubic meters of light sweet gas.
The energy carriers to be produced by the project are estimated to be valued at more than $54b considering the current prices.
Preliminary production from the project will begin from the project 40 months after signature of the contract. Considering the intricacy of construction of pressure boosting facilities, 36 months has been allocated to studies and 60 months for platform construction under the contract.