Gazprom is poised to begin development of possibly three blocks of Iran’s South Pars, the world’s largest gas condensate deposit, according to a news release issued by Gazprom. Gazprom CEO Alexei Miller visited Tehran to meet with Iran Oil Minister Gholam Hossein Nozari on Feb. 19 to discuss contract terms.
Gazprom’s Agreement with Iran includes exploration, development, transportation, processing, and marketing.
During the meeting, Iran reportedly also agreed to Gazpromneft’s participation in an oil production project in Iran.
Gazprom has worked with Iran in development of South Pars since 1997.
Energy Information Administration states that “the continued exploration and production of the offshore South Pars natural gas field in the Persian Gulf is a key part of in Iran’s energy sector development plan.”
The South Pars field is estimated to hold 450 Tcf in reserves.
South Pars consists of 24 phases of development. The area is forecasted to contribute 751 Mmcm/d by 2014.