TEHRAN, Iran – NIOC subsidiary Pars Oil and Gas Co. has finalized a $440-million deal with Petropars for development of the Belal gas field in the Persian Gulf, 90 km (56 mi) southwest of Lavan Island.
This is a buyback contract, with the project being designed to deliver 500 MMcf/d of rich gas within 34 months. Production will be processed at the onshore refinery serving the South Pars Phase 12 development.
Petropars will drill eight wells on Belal, launch wellhead jackets, and construct and install a topsides with 500 MMcf/d gas production capacity and a 20-km (12.4-mi) long subsea pipeline.
In another report by Iranian news service Shana, the country’s Minister of Petroleum Bijan Zangeneh said China’s CNPC International had virtually withdrawn from the proposed South Pars Phase 11 development, despite not having officially made a statement.
Total pulled out following the US’ decision to re-impose sanctions against Iran.