DOCSLIB.ORG

Persian Lng – a Giant Awakes

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Persian Lng – a Giant Awakes PERSIAN LNG – A GIANT AWAKES Ate Visser, Shell Gas and Power Carlos Quintana, Repsol YPF 1. INTRODUCTION Any examination of the list of holders of the world’s gas reserves immediately demonstrates why the Islamic Republic of Iran has to be regarded as a potential giant in the world’s international gas business of the 21st Century. Compared with the scale of its proven gas reserves, Iran’s relatively minor export role is at first sight surprising. All the more so, since close to half of Iran’s around 30 Trillion (10¹²) Cubic Metres of reserves is found in the supergiant South Pars field, a low cost resource rich in condensate. This same accumulation, as the North Field on the other side of the border with Qatar, already supports a flourishing gas export business. Iran has very strong credentials to take the lead in developing the next generation of LNG plants in the Persian Gulf region. Qatar, the other major reserve holder, is already a significant player and is heavily committed to expansions and new projects. Oman and Abu Dhabi which have made their mark on the world LNG scene are both resource limited, currently discussing pipeline imports from their neighbours via the Dolphin project and likely to be limited for the foreseeable future to the currently planned expansions. Saudi Arabia, Bahrain and Kuwait are all concentrating today on finding or importing gas for their rapidly growing power generation needs and their existing export industries. Iran not only has the reserves but also active production plans already under development at the South Pars and other gas fields which are likely to be more than sufficient to meet its growing local demand. Hence the stage is set for Iran to take the major step forward into the export markets. History shows several reasons for Iran’s absence from those markets today. In the 1970s, Iran had already begun to develop, with its international partners, LNG projects aimed at both Asia and the Atlantic Basin and was a gas exporter by pipeline to the USSR. But before most of these concepts could come to fruition, Iran was overtaken by changing market conditions and politics, and subsequently shaken by internal and external conflicts. More recently however, gas export, and in particular LNG, has re-emerged as a viable business opportunity for Iran. The enormous scale and importance for the whole Iranian economy of the export opportunity being missed is now widely recognised among the country’s leaders and the urgent need to commercialise Iran’s huge gas reserves has been publicly stated on many occasions. The export drive is already apparent through the recent start up of pipeline gas exports to Turkey and the ongoing discussions with the European Commission and other interested parties about a longer term pipeline to Europe. As a result, and in order to bring in the international capital and expertise which is needed to play a role in these markets, Iran is in the process of creating an increasingly attractive climate for foreign investors, both for upstream and downstream export projects. Today several international companies are working with Iranian partners and vying to create the first Iranian LNG export project. This paper describes a significant LNG project designed to provide Iran for the first time with access to some of the world’s major import markets. Persian LNG is a leading contender and offers exciting prospects not only for Iran but also for the LNG business in general. The LNG marketing support offered by both Repsol and Shell gives the project additional impetus. 2. WHAT IS PERSIAN LNG? 2.1 Background Persian LNG is being developed jointly by the National Iranian Oil Company (NIOC) with Repsol YPF of Spain and the Royal Dutch Shell Group, based in the Netherlands and the United Kingdom. A Memorandum of Understanding, finalised in January 2002, committed the three partners to undertake feasibility studies into an integrated LNG project to be located at Tombak on the Persian Gulf. The proposed partnership for the downstream project is 50% for NIOC and 25% each for the international partners. Repsol and Shell would jointly undertake the upstream part of the project on a 50/50 basis, although the precise nature and structure of how this would be done is still under discussion. The feasibility studies have now been completed and confirm the potential for a viable project, based on a liquefaction plant with a total annual production capacity well in excess of 10 million (106) tonnes. Some of the key conclusions are set out below. 2.2 Liquefaction Plant Persian LNG envisages the use of the double mixed refrigerant (DMR) liquefaction technology developed by Shell. This technology would allow the cost-effective construction of some of the largest LNG trains currently proposed, which would be air cooled. Each will have a capacity of well over 5 million tonnes per annum, and a unit capital cost lower than any of today’s projects – two of these liquefaction trains could be constructed at Tombak for less than US$ 2 billion (109). An artist’s impression of the layout is shown as Figure 1. Figure 1: Artist’s Impression of Proposed Layout at Tombak The project can be implemented without infringing United States export controls, an important consideration given the dominant role of US companies in LNG technology. Agreements for the provision of the technology and support services are currently being negotiated by Persian LNG with Shell Global Solutions International B.V., based in the Netherlands. 2.3 Marketing The feasibility studies have assumed that LNG will be marketed to a wide range of LNG markets, bearing in mind the particular marketing strengths of the project promoters. Target markets for the project include the Mediterranean and, in particular, Spain, a market in which strong demand growth for pipeline gas and LNG is forecast well into the next decade. The potential of this market is backed by Spain’s strong political links with Iran, recently demonstrated by the Iranian President Khatami’s recent successful visit. Moreover Repsol, together with Gas Natural, in which it has a significant shareholding, holds an extremely strong market position in this market as well as a developing role in the international LNG business. Shell too has a market position in Europe and the larger Atlantic Basin which it is seeking to grow by building on its expanding world network of LNG transportation and reception facilities. A significant proportion of the volume that Shell would be marketing would be aimed at the Indian market through the regasification terminal at Hazira in North West India which is currently under construction. In the longer term, the partners in Persian LNG recognise the potential of the Asia-Pacific markets to provide attractive project returns. This potential is enhanced by the growing links between Iran and both Korea and Japan. These are exemplified by the US $3 billion loans recently made available by Japan to the Iranian energy industry and the significant roles likely to be played by the Korean company LG and Japanese contractors and financiers in the development of Phases 9 and 10 of South Pars. 2.4 Offtake The studies are based on the assumption that, in the first instance, 8 million tonnes of LNG will be purchased at the outlet of the liquefaction plant by Repsol and Shell, with shipping being provided by those companies. LNG Sales and Purchase Agreements are currently being negotiated by Persian LNG with subsidiaries of each of the international partners. It is expected that these will be completed in the first half of 2003, thereby giving the project a sound basis to justify proceeding to the next stage of technical development. 2.5 Upstream Following the model which has proved successful in many other LNG projects around the world, the feasibility studies concluded that benefits would be gained by Persian LNG and all its partners if the project were developed on an integrated upstream/downstream basis. In particular, this was likely to provide the best foundation for raising external finance on behalf of the project as a whole. To provide a basis for the upstream section of the studies, NIOC has provisionally set aside a block (Phase 13) of South Pars as the intended supply source (See Figure 2). Figure 2: South Pars Development – Phase 13 To meet the requirements of the plant mentioned above, a delivery capacity of some 60 million cubic metres (1800 million cubic feet) per day would be needed. Commercial arrangements on the nature of the upstream structure and the terms of gas supply are under negotiation. These discussions are being led by Repsol on behalf of the partners and are now well advanced. It is once again anticipated that agreements can be reached in the next few months, which will allow the project to move forward. 2.6 Financing The feasibility studies proposed that Persian LNG should be project financed, with the expectation that significant cover from Export Credit Agencies would be used. Now that the commercial framework has been more sharply defined, Persian LNG has undertaken a selection procedure for a financial adviser. Interest was shown by a significant group of major international banks, and, after a thorough review, the partners selected Société Générale. This bank is now working with the project to optimise the financing plan. 2.7 Project Structure Once the conclusions of the feasibility studies had been presented and accepted, the partners agreed to undertake immediate negotiations to conclude the remainder of the major Commercial and Technical contractual agreements which would be required to underpin the project. As well as the Sales and Purchase Agreements and Upstream/Gas Supply Agreements mentioned above, these include the internal agreements such as the Project Agreement, Shareholders’ Agreement and Service Agreements which would allow a joint venture company to be established to carry the project forward.
Load more

Recommended publications
  • Iran's Latest Export/Import Options
    Iran’s latest export/import options Relations between Iran and its neighbours are strengthening despite increased efforts by the US to isolate Tehran; both Turkmenistan and Azerbaijan have recently agreed to boost gas exports to the Islamic Republic. Iran cannot be ignored – its export potential for Europe is significant, both as the holder of the second largest gas reserves in the world and geographically as a strategic link between gas-rich Turkmenistan and Turkey. But development has been severely hindered as US companies have been banned from working in the country and international sanctions over nuclear proliferation concerns The oil and gas are becoming a weightier deterrent for European companies. Even so the Iranians do bureaucracy in manage to keep things going. Iran has a very deep-set mistrust Now, with the threat of harsher sanctions looming, Gas Matters looks at prospects for of the foreign the development of the Iranian gas industry and how progress, though faltering, may majors, established not be as bad as people think. following the painful experience The oil and gas bureaucracy in Iran has a very deep-set mistrust of the foreign majors, established of the 1951 coup, following the painful experience of the 1951 coup, the nationalisation of the industry and the the nationalisation of the industry and subsequent fight against the western oil companies in the pre-1979 period. There may now the subsequent fight potentially be a shift in attitudes as the people who worked during the 1970s are retired or against the western retiring. “But, as we’ve seen in Iraq, countries fall back to deeply-rooted attitudes towards the oil companies in the oil and gas sector so I wouldn’t expect any radical change whatever happens politically,” says pre-1979 period Pierre Noel, an energy policy specialist at Cambridge University’s Judge Business School.
    [Show full text]
  • Iran's Strategy for Export of Natural
    Iran’s Strategy for Export of Natural Gas Statement by: M.A. Sarmadi-Rad Director of Regional Economic Cooperation MFA of Islamic Republic of Iran WORKING PARTY ON GAS UN/ECE 15th SESSION JANUARY 2005 GENEVA In the Name of God, The Compassionate, the Merciful Mr. Chairman, Ladies and Gentlemen, First of all I would like to express my sincere gratitude to the organizers of this meeting for inviting me to make this presentation. It is indeed a pleasure for me to be here and share with you my point of view regarding Iran’s strategy for exporting natural gas. As for natural gas we all know that demand for natural gas has been growing much faster than the demand for other primary energy resources. It is also expected that the share of natural gas in the primary energy basket to increase rapidly. The growth rate of world demand for natural gas will average 3.1%. It is also no secret that European countries will be even more dependent on natural gas in the coming decades. Projected natural gas supply and demand for 2020 and 2030 reveal that European countries will have to find new sources of supply to satisfy their additional demand. Russia, currently the main supplier of natural gas to Europe, may not be able to meet this increasing demand. Because Russia, as is widely expected, will have to meet the growing demand for natural gas in FSU countries and in its domestic market. Iran, located strategically in the vicinity of Russia, the CIS countries and the Caucasus, as well as on the eastern border of Europe, has the potential to export large quantities of natural gas both to EU markets in the west and to the growing energy markets of South Asia and beyond.
    [Show full text]
  • Q3 2010 Iran Oil & Gas Report INCLUDES 10-YEAR FORECASTS to 2019
    Q3 2010 www.businessmonitor.com IRAN OIL & GAS REPORT INCLUDES 10-YEAR FORECASTS TO 2019 ISSN 1748-4022 Published by Business Monitor International Ltd. IRAN OIL & GAS REPORT Q3 2010 INCLUDES 10-YEAR FORECASTS TO 2019 Part of BMI’s Industry Survey & Forecasts Series Published by: Business Monitor International Copy deadline: May 2010 Business Monitor International © 2010 Business Monitor International. Mermaid House, All rights reserved. 2 Puddle Dock, London, EC4V 3DS, All information contained in this publication is UK copyrighted in the name of Business Monitor Tel: +44 (0) 20 7248 0468 International, and as such no part of this publication Fax: +44 (0) 20 7248 0467 may be reproduced, repackaged, redistributed, resold in email: [email protected] whole or in any part, or used in any form or by any web: http://www.businessmonitor.com means graphic, electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher. DISCLAIMER All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Business Monitor International accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and Business Monitor International makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained.
    [Show full text]
  • Iran in the European Gas Market: a Russian Point of View
    NoteNote dede l’Ifril’Ifri Iran in the European Gas Market: a Russian Point of View Igor Tomberg October 2009 Gouvernance européenne et géopolitique de l’énergie The Institut français des relations internationales (Ifri) is a research center and a forum for debate on major international political and economic issues. Headed by Thierry de Montbrial since its founding in 1979, Ifri is a non-governmental and a non-profit organization. As an independent think tank, Ifri sets its own research agenda, publishing its findings regularly for a global audience. Using an interdisciplinary approach, Ifri brings together political and economic decision-makers, researchers and internationally renowned experts to animate its debate and research activities. With offices in Paris and Brussels, Ifri stands out as one of the rare French think tanks to have positioned itself at the very heart of European debate. The opinions expressed in this text are the responsibility of the authors alone. ISBN : 978-2-86592-611-4 © All rights reserved, Ifri, 2009 IFRI IFRI-BRUXELLES 27 RUE DE LA PROCESSION RUE MARIE-THÉRÈSE, 21 75740 PARIS CEDEX 15 1000 - BRUXELLES, BELGIQUE PH. : +33 (0)1 40 61 60 00 PH. : +32 (0)2 238 51 10 Email : [email protected] Email : [email protected] SITE INTERNET : Ifri.org Contents POLITICAL CONTEXT ........................................................................... 2 THE ENERGY CONSTITUENT OF THE “IRANIAN QUESTION”..................... 5 A DIFFICULT CHOICE: PIPELINE OR LNG .............................................. 9 EUROPEAN COMPANIES EXPAND CONTACT WITH IRAN ........................ 12 NABUCCO: A BONE OF CONTENTION IN THE ANTI-IRANIAN COALITION? ...................................................................................... 15 AZERBAIJAN ALONE WILL NOT SAVE NABUCCO ................................. 18 CENTRAL ASIA IS BIDING ITS TIME .....................................................
    [Show full text]
  • Iran at a Glance  Background the First Iranian State Was the Persian Empire, Which Rose in the First Millennium BC and Was for Centuries the Largest in the World
    No. 102- 10th Floor, (No.50), 7th St., 'D\DUD\DQ Kohe-Nour Ave. Motahary St. TEHRAN, IRAN AUDITING & Post code:1587694911 FINANCIAL Tel: (+98 21) 8739071-2 SERVICES Fax: (+98 21) 8739056 E - mail: [email protected] Web: www.dayarayan.com Iran at a glance Background The first Iranian state was the Persian empire, which rose in the first millennium BC and was for centuries the largest in the world. It was conquered by Alexander the Great in 330 BC, and later overwhelmed by Arab Muslim conquerors in the 7th century AD Iran became part of the Abbasid caliphate and its culture was both Islamised and itself exerted an influence on the rest of Islam. The Persian language and a distinct Iranian culture survived, to be reasserted and reinvented by most of the region’s rulers. In the 10th and 11th centuries, the caliphs lost effective control of Iran to Persian and Turkish rulers, and in the 13th century the region was conquered by the Mongols, who themselves later converted to Islam. Mongol control diminished, and by the 16th century the Safavids, a powerful family from the north-west, emerged to unify Iran for the first time in the Islamic era under Ismail I. He proclaimed himself shah, and made Shia Islam Iran’s state religion. Iran was weakened by wars in the 17th and 18th centuries and new dynasties followed the Savafids, notably the Turkic Qajars. New rivals emerged in Russia—to whom Iran lost much of the Caucasus and central Asia in 19th-century wars—and Britain, which sought a buffer between expanding Russia and nearby India.
    [Show full text]
  • Firms Reported in Open Sources As Having Commercial Activity in Iran's
    United States Government Accountability Office Washington, DC 20548 March 23, 2010 The Honorable Joseph I. Lieberman Chairman Committee on Homeland Security and Governmental Affairs United States Senate The Honorable Jon Kyl Ranking Member Subcommittee on Terrorism and Homeland Security Committee on the Judiciary United States Senate Subject: Firms Reported in Open Sources as Having Commercial Activity in Iran’s Oil, Gas, and Petrochemical Sectors Iran’s oil and gas industry is vital to its economy and government. Oil export revenues have accounted for more than 24 percent of Iran’s gross domestic product and between 50 and 76 percent of the Iranian government’s revenues in recent years.1 Iran has the world’s third largest oil reserves and second largest gas reserves, according to the Congressional Research Service (CRS), and is the world’s fourth largest producer of crude oil, according to the Central Intelligence Agency (CIA) World Factbook.2 However, Iran has not reached peak crude oil production levels since 1978, does not produce sufficient natural gas for domestic use, and lacks the refining capacity to meet domestic demand for gasoline, according to the Department of Energy (DOE) and IHS Global Insight.3 IHS Global Insight reports that Iran’s priorities for the next five years are to (1) raise oil production and exports as much as possible, (2) increase natural gas production for domestic use, and (3) expand refining capacity if financially and technically possible. CRS reported that the Deputy Minister of the National Iranian Oil Company said in November 2008 that Iran would need about $145 billion in new investment over the next 10 years to build a thriving energy sector.
    [Show full text]
  • Iran's Re-Emergence on Global Energy Markets
    N Department of e V e War Studies strategy paper s paper strategy Iran’s re-emergence on global energy markets: opportunities, challenges & implications Kalina K Damianova KAS Energy Security Fellow at EUCERS 2014-15 EUCERS advisory board Professor Dr Theo Farrell Chairman of the Board, Head Frederick Kempe President and CEO, Atlantic Council, of War Studies Department and Professor of War in Washington, D.C., USA the Modern World, King’s College London Ilya Kochevrin Executive Director of Gazprom Export Ltd Marco Arcelli Executive Vice President, Upstream Gas, Janusz Luks CEO Central Europe Energy Partners (CEEP), Enel, Rom Brussels/Warsaw Professor Dr Hüseyin Bagci Department Chair of Thierry de Montbrial Founder and President of the Institute International Relations, Middle East Technical Français des Relations Internationales (IFRI), Paris University Inonu Bulvari, Ankara Chris Mottershead Vice-Principal (Research and Andrew Bartlett Managing Director, Bartlett Development), King’s College London Energy Advisers Hildegard Müller Chair of the Executive Board of the German Volker Beckers Chairman, Spenceram Limited Association of Energy and Water Industry (BDEW) and member of the Executive Committee Professor Dr Albert Bressand Professor in International Strategic Management in Energy, University Dr Pierre Noël Sultan Hassanal Bolkiah Senior Fellow for of Groningen Economic and Energy Security, IISS Asia Professor Dr Iulian Chifu Advisor to the Romanian Dr Ligia Noronha Director Resources, Regulation and Global President for Strategic
    [Show full text]
  • Iran Country Analysis Brief File:///V:/PRJ/Newcabs/V6/Iran/Full.Html
    Iran Country Analysis Brief file:///V:/PRJ/NewCABs/V6/Iran/Full.html Iran Last Updated: January 2006 Background Iran’s economy is heavily reliant on oil exports, but the country is attempting to diversify. The country is earning high oil export revenues, but gasoline import costs are also rising rapidly. Iran's economy relies heavily on oil export revenues - around 80-90 percent of total export earnings and 40-50 percent of the government budget. Strong oil prices the past few years have boosted Iran’s oil export revenues and helped Iran's economic situation. For 2004, Iran's real GDP increased by around 4.8 percent. For 2005 and 2006, real GDP is expected to grow by around 5.6 percent and 4.8 percent, respectively. Inflation is running at around 15 percent per year. Despite higher oil revenues, Iranian budget deficits remain a chronic problem, in part due to large-scale state subsidies on foodstuffs, gasoline, etc. Expenditures on fuels were estimated at $4.7 billion in 2004, and the country's parliament (the Majlis) has rejected measures to raise consumer prices. To the contrary, in January 2005, the Majlis decided to freeze domestic prices for gasoline and other fuels at 2003 levels. Currently, gasoline costs less than 40 cents per gallon in Iran, far below market cost, contributing to a rapid (8-10 percent per year) growth rate in gasoline consumption. In addition, the country imports around one-third of its gasoline. To pay for sharply increased subsidy expenditures, the Majlis voted in mid-November 2005 to spend an extra $3 billion during the 2005/2006 fiscal year.
    [Show full text]
  • Potential of Energy Integration in Mashreq and Neighboring Countries
    Report No. 54455-MNA Public Disclosure Authorized Potential of Energy Integration in Mashreq and Neighboring Countries June 2010 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Copyright Energy Sector Management Assistance Program (ESMAP) reports are published to communicate the results of ESMAP's work to the development community with the least possible delay. Some sources cited in this paper may be informal documents that are not readily available. The finding, interpretations, and conclusion expressed in this report are entirely those of the author( s) and should not be attributed in any manner to the World Bank, or its affiliated organizations, or to members of its board of executive directors for the countries they'represent, or to ESMAP, The World Bank and ESMAP do not guarantee the accuracy ofthe data included in this publication and accepts no responsibility whatsoever for any consequence of their use. The boundaries, colors, denominations, other information sown on any map in this volume do not imply on the part of the World Bank Group any judgment on the legal status of any territory or the endorsement of acceptance of such boundaries. Acknowledgement This report was written by a team consisting of Husam Beides (Sr. Energy Specialist, team leader); Hossein Razavi, Doug Bowman, and Khalid Boukantar. The team is grateful for the guidance provided by Jonathan Walters, Sector Manager, and comments provided by peer reviewers Jonathan d'Entremont Coony, Franz Gerner and Sameer Shukla. The report was prepared under the context of the World Bank Arab World Initiative and was supported in part by ESMAP. The Financial and technical support by the Energy Sector Management Assistance Program (ESMAP) is gratefully acknowledged.
    [Show full text]
  • Outlook for Global Energy Markets After the Great Recession: with Perspective on China and Iran
    Outlook for Global Energy Markets after the Great Recession: With Perspective on China and Iran Presented to The Center for Strategic & International Studies by Dr. Fereidun Fesharaki Senior Associate, Energy and National Security Program, CSIS Senior Fellow, East‐West Center Chairman, FACTS Global Energy September 16, 2009 Washington, D.C. World Oil Markets 2 World Oil Demand 2007‐2010 ¾ Negative demand growth of the world for 2009 is unprecedented! World Oil Demand 2007‐2010 (mmb/d) 2007 2008 2009 2010 Total Demand 87.7 87.7 85.6 86.3 Incremental Growth 1.3 0 ‐2.1 0.7 Percentage Growth 1.5% 0% ‐2.4% .08% Source: EMC/FGE September 2009 Quarterly World Oil Balance and Forecast. 3 Asian Demand Growth ¾ A “dent” is emerging in 2009, the first time since 1998. Petroleum Product Demand in the Asia‐Pacific Region 1980‐2020 35 LPG 30 Naphtha 25 Gasoline Kero/jet 20 Gasoil FO/Others mmb/d 15 10 5 0 1980 1985 1990 1995 2000 2005 2010 2015 2020 Note: 2009‐2020 data are projections. 4 Sudden, Sharp Impact on Asian Demand Change in Total Asian Oil Product Demand (Year‐on‐Year Change) 1,500 'Missing' demand 1,000 500 0 kb/d Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2005 2006 2007 2008 2009 2010 ‐500 ‐1,000 ‐1,500 5 Longer Term: Oil Market Demand Will be Led by 3 Demand Centers Strong “baseload” demand Structural demand shift once global economy recovers Annual Growth 2007-15 (kb/d) China 380 India 115 Other Asia 10 Middle East 340 Total 0.8-0.9 mmb/d 6 Longer Term: Oil Market Tightness to Return ¾ Over the long term, China and India will lead not only regional, but also global oil demand growth.
    [Show full text]
  • Natural Gas Industry in Iran
    NaturalNatural GasGas IndustryIndustry inin IranIran WorkshopWorkshop onon thethe RoleRole ofof NationalNational OilOil CompaniesCompanies BakerBaker InstituteInstitute forfor PublicPublic PolicyPolicy Houston,Houston, TexasTexas MayMay 5,5, 20052005 DavoodDavood GhasemzadehGhasemzadeh,, Ph.D.Ph.D. MainMainMain IssuesIssuesIssues 1.1. Iran Iran GasGas IndustryIndustry 2.2. NIGC’s NIGC’s ActivitiesActivities 3.3. NIGEC NIGEC 4.4. NIGEC’sNIGEC’s Activities Activities 5.5. ExportExport byby PipelinePipeline 6.6. ExportExport asas LNGLNG NaturalNatural GasGas IndustryIndustry inin IranIran OilOil andand GasGas ReservesReserves ofof IranIran •• InIn thethe yearyear 2003,2003, thethe oiloil andand gasgas reservesreserves inin IranIran werewere estimatedestimated toto 270270 billionbillion barrelsbarrels ofof oiloil equivalentequivalent withwith sharesshares ofof 37%37% forfor oiloil andand 63%63% forfor naturalnatural gas.gas. •• TheThe presentpresent reservesreserves forfor naturalnatural gasgas isis estimatedestimated toto 26.726.7 TCM,TCM, 52%52% ofof reservesreserves locatedlocated inin southernsouthern regionsregions ofof thethe countrycountry andand inin thethe vicinityvicinity ofof thethe PersianPersian gulfgulf waters.waters. •• GasGas ProductionProduction forfor domesticdomestic consumptionconsumption andand exportsexports areare generallygenerally producedproduced fromfrom independentindependent gasgas fields.fields. TheThe associatedassociated gasgas productionproduction fromfrom commoncommon oiloil adad gasgas fieldfield isis generallygenerally
    [Show full text]
  • Anthony Patten
    Anthony Patten Partner Corporate, Finance and Investments Singapore: +65 6303 6061 London: +44 20 7551 7512 [email protected] Anthony Patten is a partner in the Corporate, Finance and Investments team in Singapore. Anthony’s focus is on corporate, project development and finance work in the oil and gas sector. Over 20 years Anthony has advised corporates, governments and banks on projects and transactions globally and across the entire value chain. Anthony spent six years of his career as a senior in house lawyer with Shell in London and Dubai and he has been in private practice in Australia, the UK, the UAE and now Singapore. His practice has a particular emphasis on LNG. Anthony represents clients including Mitsui, ADNOC, PTT, PETRONAS, Pertamina, Total / Anadarko, BW Maritime, Golar LNG and Mubadala Petroleum. Matters UPSTREAM OIL & GAS ADNOC on a range of upstream oil and gas concessions and related operational matters in the UAE PTTEP on its acquisition of Partex Oil and Gas PTTEP on bids for upstream assets in Malaysia, Argentina and Oman Mitsui E&P on its acquisition of upstream acreage from BG Group in Brazil Mitsui E&P on the sale of its interest in the Britannia field in the UK North Sea to Zennor Petroleum Mitsui E&P on the proposed sale of its interest in the Alba field in the UK North Sea Mitsui E&P on various upstream oil and gas transactions in Australia, New Zealand and Papua New Guinea OMV on upstream oil and gas projects in Iraq, Iran and Yemen South Atlantic Petroleum on its acquisition of upstream assets from Roc Oil
    [Show full text]