Tuesday, February 19, 2008

Gazprom to Develop Oil and Gas Fields in Iran

Russia’s giant oil monopoly Gazprom will participate in the development of two sectors of the energy-rich South Pars gas field in the Persian Gulf. Gazprom will extract gas condensate at South Pars.

In 1997, Gazprom participated in the development of Phase 2 and 3 of South Pars as a 30% shareholder in an international consortium headed by France’s Total (40%) with participation by Malaysia’s Petronas (30%). The consortium built two offshore platforms with 10 production wells each, two 100-km (62-mile) underwater gas pipelines and an onshore gas plant with annual capacity of 20 billion cubic meters.

Gazprom will also participate in extraction of oil in Iran. The Iranian Oil Ministry did not disclose the locations awarded to Gazprom for oil exploration.

The new agreement with Gazprom comes 100 years after Anglo-Persian Oil Company’s oil strike at Masjid Soleiman in 1908. Anglo-Persian is now called BP.

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