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