Abrar-e Eqtesadi financial daily, reports that Iran will next week grant Total, Shell and Repsol, upstream development contracts in the giant South Pars gas field in the Persian Gulf. A spokesman for the Pars Oil and Gas Company, said: "The signings will be late this week".Iran intends to use phases 11 and 13 of South Pars, which sits on the world's biggest reservoir of natural gas, to produce liquefied natural gas (LNG). Iran hopes to export its first LNG shipments in 2009.
Akbar Torkan, managing director of the Pars Oil and Gas Company, was quoted as saying the contract to develop phase 11 would be worth $1.2-$1.4 billion and the phase 13 deal would be worth $1.5 billion.
