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Total Resolved to Continue Development of SP Phase 14

Source: www.gulfoilandgas.com 2/4/2018, Location: Asia

The French oil giant Total has seriously pursued the development of Phase 14 of the South Pars Gas Field and the subcontractors, mostly Iranian, will be announced soon, said Iran Oil Minister.

“The [development] plan is underway based on the agreement and Total is very determined to implement the project and the subcontractors, mainly Iranian, will be announced in the near future,” Bijan Namdar Zanganeh said on Sunday while addressing a press conference.

The agreement for development of the Phase 14, valued at $5 billion, was signed with a consortium consisting of French Total, Chinese CNPCI and Iranian Petropars, he noted.

On gas output from South Pars, Zanganeh added, “Daily gas production from South Pars Gas Field has increased from 285 million cubic meters in mid-March 2013 to 470 million cubic meters in January 2017. Now it has reached to 553 million cubic meters per day.”

South Pars Gas Field supplies 70 percent of Iran’s total gas consumption, he said. “For the first time, Iran’s gas recovery from the joint field was similar to Qatar and in some cases, it outpaced its partner in gas production.”

Iran needs no gas imports since the gas production from South Pars Gas Field has been raised, he added, “Except two cases in Northern Khorasan Province, there was no limitation to deliver fuel to industrial sector in winter.

Meanwhile five phases of South Pars Gas Field, including phases 13, 22, 23, 24 and a part of the phase 14 is scheduled to start production by March 2019, he stated.

Iran oil minster then referred to the talks with Indian parts on development of Farzad gas field and said, “According to the coordination with officials, a delegation will be dispatched to India in the near future.”

According to the payback method, India is obliged to either consume the gas in Iran or export it so that we can pay the investment return, Zanganeh noted.

According to Iran’s new oil contracts, the cost of the development of Farzad gas field, including the sweetening project, will increase by 13 cents, he said. “We investigate different methods for development of the field to reach our desired result.”

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