Iran to introduce 3 gas fields for investment in London Conference

TEHRAN August 26(Shana)—Development of North Pars, Golshan and Ferdowsi gas fields will be offered to investors at the upcoming London Conference where Iran is to unveil its new contract model (IPC), managing-director of Pars Oil and Gas Company (POGC) said.

Ali-Akbar Shabanpour said talks are under way for developing Phase 11 of the supergiant South Pars gas field by Iranian companies Mapna and Petropars.

Development of the phase was previously announced to be introduced in the conference for investment by foreign companies.

Located in Persian Gulf waters 120km off southeastern shore of southern Bushehr province, North Pars offshore gas field covers an area of 25 square kilometers. It holds 57.1tcm of sour gas.

Golshan gas field is also located south of Iran and is expected to produce 2bcf of gas once fully developed.

Ferdowsi offshore gas field is also located in Persian Gulf waters.

Iran Petrolum Contract (IPC) is replacing buyback deals. Under a buyback deal, the host government agrees to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces.

But under the IPC, National Iranian Oil Company (NIOC) will set up joint ventures for crude oil and gas production with international companies which will be paid with a share of the output.