Jun 10 2009 |
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Repsol in secret talks with Iran on SP projects
Madrid -- Spanish Repsol officials said on Wednesday that they are in confidential talks with Iran on South Pars gas projects. Spanish Europe Press news agency quoted Repsol officials as saying that those involved in South Pars gas project are studying various grounds for cooperation to develop liquefied natural gas project.Europe Press quoted Repsol officials as saying that content of the talks would remain confidential.
Oil Minister Gholam-Hossein Nozari said here on Tuesday that Royal Dutch Shell and Repsol have presented a new proposal for the initial production of Iran's South Pars gas field's phases 13 and 14.
"Total has also expressed interest in investing in the liquefied natural gas (LNG) production project of the SP Phase 11 development plan," Nozari added.
The minister stated that $67 billion has been invested in Iran's oil industry over the past four years and added that the country's daily crude output has increased to 4.23 million barrels.
He added that seven new oil refineries have been built while older facilities have been renovated over a four-year period with the aim of boosting the country's gasoline production capacity to 190 million liters per day in the next few years.
Iran said in April that it had given Anglo/Dutch Shell and Spain's Repsol until May 20 to clarify their involvement in the project.
Last year, Shell delayed decisions on multi-billion dollar investments in Iranian LNG projects due to political tension. Repsol has made large investments in Iran, which is the world's fourth-largest oil producer.
Repsol and Shell signed a service contract for the LNG project in January 2007, setting out the conditions for exploration and development operations in phases 13 and 14 of the South Pars project.
The LNG project concerns development of production and exports of liquefied natural gas from a part of the South Pars field in the Persian Gulf. Repsol , Shell , and the National Iranian Oil Company (NIOC) signed an initial deal in 2002 to develop Phase 13 of South Pars.
It said production from those phases would feed a future LNG plant that would have two liquefaction trains, each with capacity for 8.1 million tons per year, but that a final investment decision had yet to be taken.
According to Oil and Gas Journal, Iran's 2008 estimated proven natural gas reserves stand at 948 trillion cubic feet (Tcf), second only to Russia. Roughly two-thirds of Iranian natural gas reserves are located in non-associated fields and have not been developed.
According to the NIOC Exploration Directorate, there are about 150 unexplored anticlines in Iran.
In January 2008, Nozari said that NIOC had set a target of producing one billion cubic meters of gas per day.
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