Iran to offer giant oil, gas fields to investors
Iran will offer the South Pars oil layer and three gas fields to foreign investors at the upcoming London conference where the country will also unveil its new contract formula, an energy official says.
The conference planned for December is aimed at attracting international investment into Iran’s oil and gas sector which has $185 billion of projects up for grabs.
North Pars, Golshan and Ferdowsi gas fields are among nearly 50 projects which will be put up for investment under the Iran Petroleum Contract (IPC) model, Managing Director of Pars Oil and Gas Company (POGC) Ali Akbar Sha’banpour said.
The North Pars field in the Persian Gulf is estimated to hold 57.1 trillion cubic feet of sour gas. Golshan holds more than 50 trillion cubic feet of gas and is predicted to yield 2 billion cubic feet after development. They are all offshore fields.
The South Pars oil layer lies within the world’s largest gas field and is estimated to hold 7 billion barrels of oil in reserves.
Petroleum Ministry officials have said up to 35,000 barrels per day of oil are expected to be recovered from the layer in the first phase.
Iran hopes to boost crude production to 5.7 million barrels a day, Mehdi Hosseini, head of Iranian Ministry of Petroleum’s Oil Contracts Revision Committee, said earlier this month.
IPC is replacing buyback deals which required the host government to pay the contractor an agreed price for all volumes of hydrocarbons it produced.
Under the IPC, the National Iranian Oil Company (NIOC) will set up joint ventures for crude oil and gas production with international companies which will be paid with a share of the output.
Iran holds the first largest natural gas reserves and fourth largest oil reserves in the world.
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