Shirish Nadkarni
OGJ correspondent
MUMBAI, June 14 -- Iran has awarded a block to the Indian Oil Corp.-Petropars consortium in North Pars gas field. The IOC consortium will use the produced gas for its 9 million tonne/year integrated LNG project.
IOC is among the few companies to be awarded blocks in the first stage of development of North Pars field, which has reserves estimated at 47 tcf of gas. IOC requires about 12 tcf for its LNG project.
The total cost of the integrated LNG project is $5.7 billion, with IOC contributing about $1.68 billion.
The field is to be developed in five stages, including a $2.2 billion upstream project, a $1.8 billion liquefaction facility, an $800 million shipping project, and a regasification facility in India costing $600 million. The fifth and final stage includes a 500-km, $300 million pipeline for the regasified LNG in India.
