• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 23 hours Could Venezuela become a net oil importer?
  • 17 mins Oil prices going Up? NO!
  • 2 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 1 day Tesla Closing a Dozen Solar Facilities in Nine States
  • 2 mins Could oil demand collapse rapidly? Yup, sure could.
  • 23 hours Gazprom Exports to EU Hit Record
  • 1 day EU Leaders Set To Prolong Russia Sanctions Again
  • 1 day Why is permian oil "locked in" when refineries abound?
  • 23 hours Oil Buyers Club
  • 17 hours Oil prices going down
  • 6 mins Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 1 day EVs Could Help Coal Demand
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 15 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 10 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf

South Pars Gas Exports Jump 12%

Iran

Natural gas exports from the world’s biggest deposit, South Pars, rose by 12 percent over the past 12 months, according to Iran’s head of customs, as quoted by Reuters. Gas condensate exports also increased, by 28 percent in terms of value, to US$6.9 billion. In addition to these, the field’s operator Petropars exported methane, propane, and polyethylene.

Most of the exports went to Asia, including China, India, Indonesia, South Korea, and Japan, and the rest went to Egypt, the UAE, Kuwait, and Turkey.

South Pars lies in the Persian Gulf and Iran, and Qatar—which calls its portion the Northern field—share its wealth. Petropars was in charge of the first ten phases of development in Iran’s 3,700 sq km section of the deposit, which is est6imated to hold 14 trillion cu m of natural gas and 18 billion barrels of condensate. This amount represents 7.5 percent of global gas reserves and 50 percent of Iran’s reserves.

Earlier this year, French Total inked a deal with Tehran for the 11th phase of development of South Pars. In June, the company said it will commit US$1 billion to the development of the South Pars offshore gas field in Iran, after the U.S. extended a sanction waiver. In an interview with Reuters, CEO Patrick Pouyanne said that “The U.S. waivers have been renewed and they will be renewed every six to eight months. We have to live with some uncertainty.”

Total took part in the initial development of South Pars back in the 1990s, but was forced out of the country when international sanctions were imposed on Tehran on suspicions that it was developing nuclear weapons. Now the company is back for the Phase 11 of the field’s development, estimated to cost some US$5 billion. It has a 50.1-percent stake in the field, partnering with China’s CNPC with 30 percent, and Petropars, which holds the remainder.

By Irina Slav 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