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French giant Total will operate the latest phase in the development of the South Pars gas field after sealing an agreement with National Iranian Oil Company (NIOC) under the recently approved new oil and gas contract format.
French giant Total will operate the latest phase in the development of the South Pars gas field after sealing an agreement with National Iranian Oil Company (NIOC) under the recently approved new oil and gas contract format.
Total said on Tuesday that it signed a heads of agreement with NIOC to operate the eleventh phase of South Pars (SP11), work that will be developed in two stages.
“The first phase, with an estimated total cost of around $2 billion, will consist of 30 wells and two wellhead platforms connected to existing onshore treatment facilities by two subsea pipelines,” Total said.
“At a later stage, a second investment phase, involving the construction of offshore compression facilities, will be launched once required by the reservoir conditions,” the company said.
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