Iran Signs South Pars Drilling Deal

Iran’s Pars Oil and Gas Company has inked a $180 million deal with Global Petrotec for drilling exploratory wells in the South Pars gas field.

As per the deal 6 kilometres of drilling should be carried out within 470 days to specify details on oil layers, define amounts of deposits and prepare master development plan for the South Pars gas field.

Iran has attached great importance to the speedy development of the South Pars gas field.

The country also plans to boost gas production capacity from its joint oilfields with Qatar and Saudi Arabia.

The South Pars gas field is shared by Iran and Qatar. The Iranian share has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.