Italian firm to partake in SP Phase 12 development plan
Iranian Petroleum Ministry has reached agreement with an Italian firm for investment in the development of the South Pars gas field's Phase 12, the Mehr News Agency reported on Wednesday.
The ministry did not reveal the name of the Italian firm, but said it would cooperate with some Iranian companies in the third section of the EPC (engineering, procurement, construction) operations.
The project contract is expected to be signed within the next few days, the report said, adding investments in the project would be to the tune of $1 billion plus €575 million euros, the report says.
The ministry is currently negotiating with a consortium of Iranian, Indian, and Japanese companies to implement the second section of the EPC operations.
The South Pars Phase 12 development plan is aimed at producing 78 million cubic meters of natural gas, 110,000 barrels of gas condensates, and 750 tons of granular sulfur per day.
South Pars, in the Persian Gulf, is the world's largest gas field, shared between Iran and Qatar. It covers an area of 9700 square kilometers, of which 3700 square kilometers (South Pars) is in Iranian territorial waters and 6000 square kilometers (North Dome) is in Qatari territorial waters.