Petropars
Petropars
Iran’s Petropars is a new entry on our ranking, with major deals secured as Iran seeks to ramp up production. The National Iranian Oil Company in August 2020 signed 13 deals worth $1.8 billion with 14 firms to boost production capacity by 185,000 barrels of oil. 13 local companies, including Petropars, signed deals focusing on the Ramin, Mansourabad & Maroon projects.
Petropars is developing the major South Pars phase 11 project after a $4.8 billion deal with an international consortium (also including Petropars) fell through due to US sanctions. The South Pars phase 11 project will have a production capacity of two billion cubic feet per day or 370, 000 boed, and the produced gas will be fed into Iran’s gas network. The field is estimated to hold approximately 8% of the world’s natural gas reserves, and 18 billion barrels of condensate.
Petropars won a contract worth $1.3 billion to develop the South Azadegan Oilfield, with the aim to raise output to 320,000 barrels a day by 2023. The field’s total production hit 45,000 barrels in 2013, and has since boosted to 140,000 bpd. While US sanctions certainly impacted Iran’s economy, they may have provided local contractors with a boost in business.
