Iran will be benefited from the deal signed with energy giant Total for developing the 11th phase of the South Pars gas field, literally earn 80 billion dollars of revenue, the managing director of National Iranian Oil Company (NIOC) said.
Kardor stated that the deal was evidence that international companies have not been deterred from investing in the country despite the rise in tensions between Iran and its arch-rival Saudi Arabia in recent weeks.
The managing director of NIOC added that based on the contract, the facility will produce 2 billion cubic feet of gas per day in South Pars Phase 11, with 335 billion cubic meters of gas being harvested during the 20-year contract period and 290 million barrels Gas condensate, 14 million tons of liquid gas, 12 million tons of ethane, 2 million tons of sulfur and 315 billion cubic meters of sweet gas.
Kardor said there are two development phases for the contract which "in the first phase, we will be able to achieve 2 billion cubic feet of gas per day by installing the 11th phase platforms and investing 2400 billion dollars a day. Due to the drop in production in the entire South Pars field, in the second phase, we will design a pressure boost system in the program, initially with the investment of 2400 billion dollars more in Phase 11, and then other phases of South Pars will be implemented by the modeling procedure.
He added that a $4.8bn deal between Iran and a consortium led by France’s Total to develop part of the giant South Pars gasfield would be finalized soon, adding that this would encourage other international companies including Eni, Royal Dutch Shell and Denmark’s Maersk Group to sign further agreements.
