Islam Times - Iranian Company Developing World’s Largest Gas Field after Foreigners Withdrawal

Iranian Company Developing World’s Largest Gas Field after Foreigners Withdrawal

Islam Times - Iran’s oil minister said on Saturday the country's Petropars will develop phase 11 of South Pars, the world’s largest gas field, after the withdrawal of French oil major Total and the China National Petroleum Corp (CNPC) due to the US unilateral sanctions.

“Now with the exit of the other two companies from the contract, Petropars has completely taken their place and the development of the first unit of phase 11 of South Pars has been given to this company,” Bijan Zanganeh was quoted as saying by ICANA, the Iranian parliament’s news site.

South Pars gas field, which Iran shares with Qatar in the Persian Gulf, covers an area of 9,700 square kilometers, 3,700 square kilometers of which, called South Pars, are in Iran’s territorial waters. The remaining 6,000 square kilometers, called North Dome, are situated in Qatar’s territorial waters.

The field is estimated to contain a significant amount of natural gas, accounting for about eight percent of the world’s reserves, and approximately 18 billion barrels of condensate.