Other stories: Top 10 Middle East oil & gas events in 2010 | World’s 10 largest oilfield technology companies | World’s 10 largest petrochemicals companies | Oil industry giants: ADNOC | Oil industry giants: Saudi Aramco | Top 10 MENA Region mega projects | Top 10 billion dollar oil deals of the summer | 2009’s winners and losers in the oil industry |Â 10 events in oil’s history that shook the world | Top 10 Gulf mega projects | Top 10 largest publicly traded oil companies |Â World’s 10 largest oilfield services companies | World’s 10 largest oil and gas contractors
The long-running saga regarding the development of phase 11 of the South Pars gas project in Iran finally looks like being concluded after the China National Petroleum Corporation (CNPC) said that the company has struck deal with the Gulf state to start development.
Reuters reported that a source close to CNPC’s international operations will start drilling at the offshore field, the world’s second largest gas field, in March to evaluate reserves.
“The real work will start as soon as after the Chinese New Year holiday,” the source is quoted by Reuters as saying.
The French supermajor Total was supposed to develop phase 11, but pulled out citing concerns over UN sanctions effecting Iran.
Â
