Iran to Award Gas Contracts

Shell, Total SA and Repsol YPF SA will soon sign contracts with Iran to develop two phases of the Islamic republic's offshore South Pars gas field, Forbes reported. The contracts concern phases 11 and 13 of South Pars, with the production of liquefied natural gas (LNG) scheduled for export. Total will be working on phase 11 in a project called Pars LNG, while Shell and Repsol will be working on phase 13 under the name Persian LNG. The firms will be operating jointly with the National Iranian Oil Co. Investment for each phase has been estimated at between $1.2 and $1.5 billion. (Source: Forbes)