Iran has suspended a development contract for its North Pars natural gas field with China National Petroleum Corporation International Ltd., "until further notice."
Iran had previously warned the CNPCI that its concession would be voided and transferred to domestic companies if it did not step up work on phase 11 of Iran's massive offshore Persian Gulf South Pars gas field. The 3,700 square mile South Pars natural gas field is shared by Iran and Qatar, with development of the Iranian portion divided into 24 phases. According to the International Energy Agency, South Pars is the world's largest gas field and holds an estimated 1,800 trillion cubic feet of natural gas and roughly 50 billion barrels of natural gas condensates.
(Joao Peixe is Deputy Editor of OilPrice.com. The original article appears http://oilprice.com/Latest-Energy-News/World-News/Iran-Suspends-Chinese-Contract-For-North-Pars-Natural-Gas-Field-.html.)
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