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08/28/13

Iran to export $60B of gas to Oman in 25 years

Source: Tehran Times

Iran and Oman have signed a memorandum of understanding (MOU) according to which Oman will buy around $60 billion worth of natural gas from Iran during 25 years. The two sides have come to terms to build a pipeline for the export of Iranian gas to the Persian Gulf Arab state within two years.


Oman's Sultan Qaboos during a meeting with Iran's Supreme Leader in Tehran
August 25, 2013

Iranian Oil Minister Bijan Namdar Zanganeh and his Omani counterpart Mohammed bin Hamad bin Saif Al Rumhy signed the MOU in Tehran on Monday, IRNA reported.

Construction of the pipeline will begin in a short period of time, the report said, without giving further details.

The two countries signed a deal in 2009 to jointly develop an underwater 200-kilometer gas pipeline to Oman.

They also signed a deal in 2007 including a plan that Oman to process Iranian gas for export as liquefied natural gas (LNG). According to the deal, in addition to imports of 1 billion cubic feet per day (bcfd) of gas from Iran for domestic use, Oman would allocate 2 million metric tons per year in excess capacity at its Oman LNG plant to process Iranian gas for export. But the two sides have never finalized terms, Reuters reported.

Strait of Hormuz

Iran, which sits on the world's second largest natural gas reserves after Russia, has been trying to enhance its gas production by increasing foreign and domestic investment, especially in its South Pars gas field.

The South Pars/North Dome field is a gas field located in the Persian Gulf. It is the world's largest gas field and is shared by Iran and Qatar. The field's recoverable gas reserves are estimated to be equivalent to 215 billion barrels of oil. It also holds about 16 billion barrels of recoverable condensate.

The South Pars field, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of total world reserves.

According to Iran's Oil Ministry, the country's proved natural gas reserves are about 1,045.7 trillion cubic feet (29.61 trillion cubic meters) or about 15.8 percent of world's total reserves.

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