Petropars Replaces CNPC at Iran Gas project

National Iranian Oil Company (NIOC) has signed a five-billion-dollar buy-back deal with Petropars Ltd. (PPL) for the development of Phase 11 of South Pars gas field.

The Iranian company PPL is replacing China National Petroleum Corporation (CNPC) whose contract was terminated due to delays, Press TV said. 

PPL would be involved in construction and installation of two wellhead platforms, drilling 12 wells in each of the platforms, and construction of single buoy mooring (SBM) facilities for natural gas liquids exports. 

Phase 11 of South Pars is being developed to produce two billion cubic feet a day of sour gas and 80,000 barrels a day of gas condensate. 

Iran commissioned the development of Phase 11 to CNPC after France’s Total and Malaysia’s Petronas pulled out.