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Lok Sabha
Indian Oil Corporation has signed an MoU with Petropars Limited of Iran under which both companies propose to submit a composite offer to the National Iranian Oil Company (NIOC), the national oil company of Iran, for the joint development of an integrated project consisting of :
"Upstream facilities" of one phase of the South Pars Gas Field for production of sufficient feed gas to be delivered to the related "downstream facilities" for liquefaction of the gas so as to produce 9.0 Million Tonnes of LNG per year; and
Development of the related downstream gas liquefaction facilities.
South Pars gas field reportedly contains over 280 tcf of natural gas. Iran has developed a master plan for monetising the gas from this field by dividing it into 20 phases. The reserves in the field to be developed jointly by Indian Oil Corporation & Petropars would depend on the phase that would be awarded by NIOC. However, it is proposed to target a field that is adequate for production of about 9.0 MMTPA of LNG for 25 years.
This was stated by Shri Mani Shankar Aiyar, Minister of Petroleum & Natural Gas, in a written reply to a question in the Lok Sabha today.
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