China signed a contract to develop the Qatari section of the South Pars field.
The Chinese company Sinopec signed a contract to develop the Qatari section of the joint South Pars field with Iran.
According to Qatar Energy, the mentioned Chinese company, under a contract signed on Wednesday, April 12, will have a 5% share in the development of the Qatari section of South Pars.
Qatar had previously signed similar contracts with several Western companies and plans to increase annual gas production from this joint field with Iran from the current 110 billion cubic meters to 150 billion cubic meters by 2026, with an investment of 28.75 billion dollars, and to export it as LNG to global markets.
Meanwhile, according to Iran’s Ministry of Oil, the Iranian section of this vast gas field will enter the second half of its lifespan this year, with a reduction of 10 billion cubic meters in production each year.
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