27 Nov 2024
Sunday 17 February 2019 - 09:51
Story Code : 338772

Iran to discuss China hesitation in development of gas field

IRNA Irans Minister of Petroleum Bijan Zangeneh said on Saturday that during his upcoming visit to China, he will discuss the hesitation of China National Petroleum Corporation (CNPC) in developing Phase 11 of South Pars Gas Field in southern Iran.

Zangeneh and Parliament Speaker Ali Larijani are scheduled to visit China later this week.

While CNPC has been responsible for 81% of the development agreement of Phase 11 of South Pars Field, the company has done nothing to develop the project, the minister said.

An international consortium led by Frances Total signed an agreement with National Iranian Oil Company (NIOC) on July 3, 2017 to develop Phase 11 of South Pars Field.

Apart from Total, other members of the consortium were CNPC and Irans Petro Pars.

Total as the leader of the consortium had a 50.1% share of the agreement while CNPC and Petro Pars had 30% and 19.9% shares, respectively.

After Total back out from the agreement under US pressures, the companys share was transferred to CNPC.

The Iranian petroleum minister said that CNPC has done nothing to develop Phase 11 since the project was halted following Totals withdrawal.
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