Turkey signs E&P agreement for South Pars field

Turkey's Energy Minister Taner Yildiz and Iran's Oil Minister Masoud Mirkazemi recently signed a joint gas exploration and production agreement for Iran’s South Pars field.

Doris Leblond
OGJ Correspondent

PARIS, Jan. 8 -- Turkey's Energy Minister Taner Yildiz and Iran's Oil Minister Masoud Mirkazemi recently signed a joint gas exploration and production agreement for Iran’s South Pars field.

That offshore field is estimated to hold 450 trillion cu m of natural gas—47% of Iran's total reserves. The joint project is to begin within next weeks. Turkey is expected to invest $4 billion to produce 35 billion cu m.

The agreement also confirmed transportation of Iranian gas to Europe via Turkey and extended an earlier protocol of agreement to carry Turkmen gas to Turkey via an Iranian route. Turkey also wants Iranian gas for the Nabucco gas line.

More in Home