Iran looks to CNPC for faster South Pars 11 offshore development

Offshore staff

TEHRAN, Iran – Iran is looking to speed up the Phase 11 development of the South Pars field in the Persian Gulf.

Pars Oil and Gas Co. Managing Director Mousa Souri told Iranian news service Shana a joint committee would be established with the project’s Chinese contractor CNPC. Souri said CNPC would present a program that would address progress delays during the next three to four months.

The two main issues were timely commitment of the project and demonstration of firm commitment – if the project were implemented ahead of schedule, CNPC would receive bonuses, he added.

CNPC agreed terms two years ago for a buyback contract for Phase 11, covering a 52-month period and involving investments totalling $4.6 billion.

The contract’s upstream aspects include drilling, pipelay, and platform construction.

09/30/2011



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...