Iran creates a government commission to oversee the deal with France’s Total

Almaty. July 12. Silkroadnews - Iran forms a government commission to oversee the deal with France’s Total to develop the South Pars gas field, Reuters reported.
The commission, as noted, will include representatives of the justice system and the head of the parliamentary energy commission and of its planning and budget commission.
The South Pars project will cost up to $5 billion, including an initial stage of around $2 billion, and production is expected to start within 40 months, publication reads.
Total will be the operator of the project with a 50.1% share, the Chinese state oil and gas company CNPC will get 30%, and National Iranian Oil Co subsidiary Petropars will have a 19.9% stake.
The production capacity is estimated at 2 billion cubic feet per day, or 400,000 barrels of oil equivalent per day, including condensate. Gas will be supplied to the Iranian domestic market starting in 2021.
According to Iranian Oil Minister Bijan Zanganeh, 335 billion cubic meters of natural gas and 290 million barrels of gas condensate are expected to be extracted within 20 years.
He also said, each year of delay in the development of South Pars could cost Iran up to $5 billion, and because of delays in developing the field the country has already lost around $22 billion.