Iran Eyes Potential LNG Deals

Wednesday, March 01, 2006
Iran's National Iranian Oil Co. (NIO.YY) hopes to finalize deals with oil majors Total SA (TOT), Royal Dutch Shell PLC (RDSB.LN) and Repsol YPF SA (REP) towards the end of March to develop phase 11 and 13 of the country's giant South Pars gas field. Albawaba.com reports that South Pars Oil and Gas Co. would sign the contracts on the two phases sometime this week. In 2004, NIOC signed a framework deal with Total for the upstream development of phase 11 to develop liquefied natural gas in the Pars LNG project. Two LNG trains would produce 10 million metric tons annually and investment would be between $1.2 billion to $1.4 billion. NIOC also signed a similar framework deal in 2004 with Royal Dutch Shell and Repsol to form the Persian LNG production company, linked to the development of phase 13 of South Pars and valued at $1.5 billion. These two new deals, along with NIOC's own projects NIOC LNG and Iran LNG, will help Iran to reach annual LNG production capacity of 30 million tons. At 27 trillion cubic meters, Iraq has the world's second largest natural gas reserves after Russia. But Iran has been slow to develop its resources with a view to exports. Almost half of Iran's natural gas reserves lie in the South Pars gas field which is jointly shared with Qatar, which is already exporting large quantities of LNG from the joint reservoir. (Source: MarketWatch)
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

Areva-Siemens Raises Claim Over Finnish Reactor Delays

The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO),

16 Die in Coal Mine Accident in China

Sixteen workers were killed after a coal mine collapsed in China's far western region of Xinjiang, the official Xinhua news agency reported on Saturday, highlighting

Container Ships

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

UASC Targets Expansion to Beat Container Market Blues

UASC expects to reach volume of 2.35 mln TEU in 2014 Global carriers still struggling with weak conditions United Arab Shipping Company (UASC) is on a major expansion drive,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3057 sec (3 req/sec)