X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 5 hours Retired RAF pilot wins legal challenge over a wind farm
  • 6 hours U.S. Presidential Elections Status - Electoral Votes
  • 12 hours Speaker Pelosi, "Tear Down This Wall"
  • 1 hour Interest article about windmills and waterwheels in Europe
  • 23 hours NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 2 hours Chance for (Saudi)Arabian peninsula having giant onshore Gas too?
  • 17 hours Disaster looming in UK offshore wind power
  • 1 day Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 1 day “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 2 days Minerals, Mining and Industrial Ecology
  • 1 day Scientist clone endangered Black Footed Ferret from Ferret that died 30 years ago . It's a 100% exact genomic match.
  • 1 day Pipeline vs Train vs Ship to Transport Crude Oil.
  • 1 day NG spot prices hit triple digits for weekend delivery
Barclays Now Sees Brent Crude At $67 In 2021

Barclays Now Sees Brent Crude At $67 In 2021

Barclays became on Thursday the…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Iran’s South Pars Oil Field To Produce By End Of March

The South Pars field in the Persian Gulf will begin production by the end of the fiscal year, according to Iranian Oil Minister Bijan Zanganeh, who made the confirmatory statement during an interview with IRIB TV this week.

The first stage of production will see output of 35,000 barrels per day, while the second stage will increase to 100,000 bpd.

Iran shares ownership of the gas reserves in the largest field of its kind with Qatar. The 14-trillion-cubic-feet find represents eight percent of the world’s known reserves. Both countries are members of the Organization of Petroleum Exporting Countries (OPEC).

In November, Total confirmed a $4.8 billion deal to develop Phase 11 of the giant field. Deputy Oil Minister Ali Kardor quashed rumors that the French company had pulled out of said deal on Monday, insisting that there were no indications of a “retreat or withdrawal” from the contract.

Total has already started planning to build the first leg of the platform for Phase 11 of South Pars,” he said, according to Mehr news agency.

Executives from Total had recently visited Tehran to follow up on technical aspects of the agreement in recent weeks, Kardor added.

The China National Petroleum Corporation (CNPC) and the Iranian firm Petropars own 49.9 percent of the South Pars venture while Total controls 50.1 percent.

Related: Norway Doubles Down On Arctic Oil

Competition between Qatar and Iran on the speed and efficiency of the extraction of fossil fuels in the field runs strong.

If they (Total) give our information to the Qataris, they will have to pay heavy damages,” Zanganeh told Fars news agency on Monday, adding in jest that “such a thing is very unlikely to happen.”

Six years of international sanctions against the Iranian oil sector have delayed Tehran’s development of its share of the South Pars field. Since the measures were lifted in January 2016, Iran has made commercializing the field a priority.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From OIlprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News