Chinese state giant CNPC has assumed Total’s 50.1% stake at Iran’s South Pars Phase 11 project according to Iranian media. The move would bring CNPC’s stake to 80.1%, while domestic partner Petropars retains 19.9% (MEES, 31 August). Iran aims for the 2bn cfd phase to start up in 2021, although Total’s decision to pull out in August due to the re-imposition of US sanctions throws the timeline in doubt. Chinese firms have a history of sitting on projects in Iran during sanctions – not pulling out, but unwilling to do more than minimal work – and CNPC was thrown off of South Azadegan for this reason in 2014 (MEES, 9 May 2014).
The field’s operator Pars Oil and Gas Company (POGC) says output is currently at 580mn cmd (20.5bn cfd). (CONTINUED - 124 WORDS)