SP phases 20 & 21 development contract signed

TEHRAN, May 30 (MNA) – The National Iranian Oil Company (NIOC) and the Oil Industry Engineering and Construction Company (OIEC) here on Saturday inked a contract worth over $5 billion to develop phases 20 and 21 of the South Pars gas field.

NIOC managing Director Seifollah Jashnsaz and OIEC Managing Director Roknoddin Javadi signed the contract, SHANA reported.

 

Iranian Oil Minister Gholam-Hossein Nozari also attended the signing ceremony.

 

Phases 20 and 21 of South Pars gas field will come on stream in 52 months at an estimated cost of $5 to $5.5 billion.

 

With the mentioned phases coming on stream, Iran will annually benefit more than $6 billion.

 

Phases 20 and 21 are projected to produce 50 million cubic meters of gas, 80,000 barrels of gas condensates, and 400 tons of sulfur per day, in addition to 1 million ton of ethane, and 1.5 million tons of liquid propane per year.

 

Pars Oil & Gas Company’s Managing Director Ali Vakili had previously said that a consortium led by Iranian companies will implement the project.

 

Refineries for these phases will be constructed in the second site of Pars Special Economic Zone, near Kangan port, in southwestern Bushehr province.

 

South Pars field is a gas condensate field located in the Persian Gulf. It is the world’s largest gas field, shared between Iran and Qatar.

 

This gas field covers an area of 9700 square kilometers, of which 3700 square kilometers (South Pars) is in Iranian territorial waters and 6000 square kilometers (North Dome) is in Qatari territorial waters.

 

MF/MRK

END

MNA

News Code 34038

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