Bijan Namdar Zangeneh said the original MoU had been inked with the French energy giant in January 2015. He lauded the contract on the development of phase 11 in the country’s South Pars Field as a success which we he said will be 25% less costly compared to the other phases.
In his report, the oil minister also released statistics on the number of the wells, drills and pipelines, which the joint project will be focusing on. Zangeneh added that among the future plans is a pressure intensifier project, which is aimed at maintaining a steady gas production that guarantees the extraction until 2033.
While rejecting domestic criticism regarding the deal, Zangeneh noted that the project imposes no limitations on Iranian contractors and that 14 of them have already been approved to take part in bids for such activities as drilling.
The Iranian oil minister further told the parliament that every five years of delay in developing the South Pars Field has inflicted a loss of 32 billion dollars upon the country’s economy.
Zangeneh reiterated that in addition to being economically positive, the project signed with Total is significantly environment-friendly as it has taken into account tremendously reducing CO2 emissions.
