Iran signs HoA with Total, CNPC on South Pars

By  Trend

Iran signed a HoA (heads of agreement) with French Total and China National Petroleum Corporation International, CNPCI, to develop the phase 11 of South Pars gas field on Nov.8, Shana reported.

According to the report, a consortium, including Iranian Petropars, Total and CNPC would develop the project.

Phase 11 is the only one among 24 phases of South Pars which hasn’t been developed yet.

It is expected that $4.8 billion of investment to be needed for completing this phase, aimed to produce 50 million cubic meters per day (mcm) of gas.

Iran currently produces about 450 mcm/d of gas from South Pars. The figure is expected to reach about 520 mcm/d by March 2017 and about 700 mcm by the end of 2018.