According to SHANA, the contract will be signed today at 3:30 p.m. North Pars contains 80 trln cubic feet of gas, with each phase of 4-phase development expected to involve production capacity of 1.2 bln cubic feet per day and 4.8 bn cf daily in total.
the contract was believed to be worth about $16 billion. CNOOC will invest $5 bn in upstream projects and $11 bn in downstream ones (LNG plants). The deal was first announced in late 2006.
Iran plans to export the northern Pars production in the form of liquefied natural gas (LNG).
CNOOC, which leads China’s fledgling LNG industry, is the parent of Hong Kong and New York-listed CNOOC Ltd.
Northern Pars field contains 80 trillion cubic feet of gas and each phase of development could have the capacity to produce 1.2 billion cubic feet per day.
China’s Sinopec Group, parent of Sinopec Corp., signed a deal in December to develop Iran’s huge Yadavaran oil field.
Iran has the world’s second-biggest crude reserves after Saudi Arabia and the second-largest gas reserves behind Russia.