Statoil and Petropars Sign Agreement

Monday, October 28, 2002
Statoil and Iran's Petropars have signed a participation agreement which gives Statoil a share of up to 40 percent in, and the operatorship for, the offshore part of phases six, seven and eight of the South Pars gas development project in the Persian Gulf. This agreement reflects Statoil's strategy to expand its international upstream activities. In this process, Statoil has over the past two years opened new offices in Brazil, Mexico, Saudi Arabia, and in Iran. The agreement on South Pars phases six, seven and eight represents the group's first development contract in the Middle East. This new activity is in line with Norwegian foreign policy, which encourages increased trade relations with Iran. Work is due to take place over the next four years, and Statoil's capital commitment over that period will amount to $300 million. The agreement will take effect before 10 November, when Statoil takes over the operatorship. Statoil's capital commitment and return will be covered from sales revenues generated by condensate and liquefied petroleum gases (LPG) produced over a four-year period from the start of production - which will be in late 2004 under current plans. Statoil regards this as an attractive and robust project. The field will be developed with three offshore wellhead platforms linked by the same number of pipelines to a land-based gas treatment plant. Production capacity will be 100 million standard cubic metres per day, with 80 million standard cubic metres of gas daily being exported to other Iranian oil fields for injection as pressure support. The remaining condensate and LPG will be sold. Petropars will act as operator of the development project for the land-based gas treatment facilities. Established in 1998, Petropars is involved in six of the first 10 phases awarded for the development of the giant South Pars offshore gas field, as either partner or operator. It is owned 60 per cent by the National Iranian Oil Company (NIOC), and 40 per cent by IDRO, an organization under the Iranian Ministry of Industry.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Otto Marine's Financial Health on the Mend

Michael See Kian Heng, Group Executive Director of Singapore-based offshore vessel owners & shipbuilders Otto Marine, says that his company reported revenue of US$512.

Ultra-deepwater Drillship 'Maersk Valiant' Delivered

Maersk Drilling advises that its second new drillship, 'Maersk Valiant', has been delivered from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South-Korea.

Miami Tugboat Oil Spill: Coast Guard Respond

The US Coast Guard says that its crewmembers are responding to a fuel spill in the vicinity of Government Cut in Miami, following a leak discovered aboard the 95-foot tugboat 'Neptune'.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1243 sec (8 req/sec)