MOSCOW (MRC) -- Iran has exported about 4.26 MMbbl of oil from South Pars to international destinations since the beginning of the Iranian calendar year, which began in late March, Fardin Asadi, the manager for development of oil layers at South Pars, reported Reuters with reference to Iranian Students’ News Agency (ISNA).
South Pars is the world’s largest gas field which also has significant oil reserves. Approximately 25,000 bbl of oil are extracted from South Pars daily, Asadi told ISNA.
France’s Total signed a deal with Tehran in July to develop phase 11 of South Pars, marking the first major Western energy investment in Iran since the lifting of sanctions against the country last year.
Total will be the operator with a 50.1% stake, alongside Chinese state-owned oil and gas company CNPC with 30%, and National Iranian Oil Co subsidiary Petropars with 19.9%.
The field exported about $6.9 B worth of gas condensate, a 28% increase in the value of exports of that product over the same period last year, a customs official told state media in August.
As MRC infromed previously, in June 2017, Russian oil major Rosneft agreed to explore and develop five fields in Iraq's Kurdistan as the company seeks to become a key player in one of the world's newest and fastest-growing oil provinces.