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Iran signs its first ever IPC with Total for South Pars Phase 11
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Report summary
Total and its consortium partners CNPC and Petropars have signed the first ever Iran Petroleum Contract (IPC) with NIOC to develop South Pars Phase 11. It is also the first contract to be awarded under the new IPC terms and Iran’s first upstream contract with a foreign firm in 10 years. Development will target production of 410 kboed at plateau (1.8 bcfd of sales gas, 75 kbd of condensate and 20 kbd of LPG) and will require total capital investment of US$4.9 billion over 20 years. The scale of investment is a vote of confidence in Iranian upstream as other large IOCs and NOCs eye up opportunities in the sector.
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- Iran signs its first ever IPC with Total for South Pars Phase 11
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- South Pars Phase 11 production forecast
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