National Iranian Oil Company (NIOC) has put domestic company Petropars solely in charge of the development of phase 11 of the giant South Pars gas field following the withdrawal of Total and CNPC, reports Tehran Times.
Petropars was a member of a consortium with France’s Total and China’s CNPC to develop the field, however the two company have left the project due to increased sanctions on Iran.
The Iranian company will focus on the first part of the phase, as without the consortium partners it does not have the expertise to develop the project any further.
The South Pars field is the world’s largest natural gas reserve.
