Iran open to oil extraction from South Pars

Iran plans to hold an auction for development of the oil layer of the South Pars gas field in the Persian Gulf.

Offshore staff

TEHRAN, Iran – Iran plans to hold an auction for development of the oil layer of the South Pars gas field in the Persian Gulf.

According to Mousa Souri, managing director of Pars Oil and Gas Co., bids will be invited for development of different parts of the oil layer, including blocks A2, B, and C.

Souri, speaking to Iranian news service Shana, estimated the oil reserves at around 7.5 Bbbl.

Development could involve some form of buyback contract, with the potential for foreign companies to team up with Iranian companies in a joint venture.

10/04/2011

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