Azerbaijan, Baku, July 29 /Trend D.Khatinoglu/
After a couple of years of delaying in starting development of South Pars 11th Phase, Chinese CNPC pulled out of this phase development and withdrew all of its experts and workers from Iran's Asaluyeh region to Beijing, MEHR reported.
Iran and China's CNPC (China Natural Petroleum Cooperation) signed $4.7 billion worth contract to develop Phase 11 of South Pars in 2009. Previously French Total company withdrew from the development of the 11th Phase, and Iran replaced Total with CNPC.
France Total company cancelled contract to develop Phase 11 and Iran replaced Total with CNPC. Iranian Oil Ministry has warned CNPC several times because of repeated delays in company's operation at Phase 11 of South Pars.
Iran has lost $11 billion due to delays in extraction of gas from South Pars in recent years, MEHR news agency reported. South Pars, world's largest gas field, shared between Iran and Qatar. Iranian sector, which has been divided into 29 Phases, holds about 14 trillion cubic meters of gas. CNPC was the only foreign company that participates in the development of the field. Iran had been developing 10 Phases until 2009 producing 240 million cubic meters of gas from commissioned Phases. The rest of Phases are under development.