Iran 's South Pars gas field in the persian gulf is being planned to be developed in 24 phases with Phase-12 being dedicated to the Iran LNG project - wholly owned by National Iranian Oil Co. The project is designed for an initial capacity of two trains of 5 million tons of LNG per year each.
The minister also added that ONGC will get half of Iran LNG output provided that they invest double of that share in upstream field development, on the sidelines of the 19th World Petroleum Congress.Hinduja Group had earlier in August 2007 struck a deal with NICO - a wholly-owned subsidiary of National Iranian Oil Co - for a 45 per cent stake in Azadegan oilfield and 60 per cent in the development of Phase-12 of the giant South Pars gasfield.
The NICO board has now formally approved of the proposed collaboration for development of the two fields. Iran , which holds second largest oil and gas reserves after Saudi Arabia , is the most important country within the second circle of India 's security parameter.
The estimated cost for developing the Phase-12 of the South Pars gas field has gone up to Rs 20,8000 crore. The cost for Azadegan field has increased to Rs 10,000 crore. Azadegan field will produce 150,000 barrels per day of oil in the first phase that would double subsequently, while South Pars Phase-12 can produce up to 12 million tonnes of gas that will be converted into LNG at a Rs 8,000 crore facility.
Hinduja-OVL combine has sought supply commitment for the entire oil produced from Azadegan field and 7.5 million tonnes of LNG from South Pars Phase-12.
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