Seven months after signing Heads of Agreement (HoA) for the development of Phase 11 of South Pars , MANA correspondent reported, National Iranian Oil Company (NIOC) and a consortium comprising French Total, China National Petroleum Corporation (CNPC) and Petropars signed the contract for the development of this phase which is within the framework of general conditions and Iranian Petroleum Contract (IPC) approved by Council of Ministers.
Total is the operator of the SP11 project with a 50.1% interest alongside China National Petroleum Corporation CNPC (30%), and Petropars (19.9%), a wholly owned subsidiary of NIOC.
In the ceremony of signing this $4.8bn project, Iranian Minister of Petroleum Bijan Zangeneh said, "Signature of the contract for development of Phase 11 of South Pars gas field is a paramount sign for the return to and investment of Asian and European institutions in Iran.
The aim is to start pumping into Iran’s domestic grid in 2021, eventually reaching above 56 million cubic meters of gas every day.
It is estimated that by executing this project and during this 20-year deal, the production of natural gas in this field will be reached 335 Billion cubic meters, of which 290 million barrels of gas condensate,14 million tons of liquid gas,12 million tons of Ethane gas and two million tons of Sulfur along with 315 Billion cubic meters of sweet gas could be produced.