Total, CNPC and Petropars agree with NIOC on South Pars output

Total, CNPC and Petropars agree with NIOC on South Pars output

National Iranian Oil Company (NIOC) signed a $4.8 billion agreement (HOA) deal with French Total, China National Petroleum Corp. and Iranian Petropars company on Wednesday for development of the phase 11 of South Pars joint gas field.

Once the project is implemented, 56 million cubic meters will be added to Iran's gas extraction capacity from the field which is shared with Qatar.

Under the agreement, the contractor will finance the project, thus luring billions of dollars of investment for the country. 

Development of phase 11 of South Pars gas field the within framework of the new model of oil contracts underlines high share of Iranian companies in various divisions of operations, the Fars News agency reports. 

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