Iran Weighs Maersk's Proposal for South Pars Oil Layer

The state-owned National Iranian Oil Company (NIOC) is reviewing Maersk's proposal for the second development phase of South Pars oil layer. The Danish oil and gas company, Maersk Oil, has a track record of drilling over 300 wells and extracting more than 1 billion barrels of oil from the Qatari section of South Pars.

NIOC's experts have proposed revisions to enhance the reliability of Maersk's proposal and minimize ambiguities. This is part of Tehran's plan to develop the South Pars oil layer under the framework of Iran Petroleum Contract, a new model aimed at attracting international oil and gas majors.

The South Pars oil layer, located 130 kilometers off Iran's coast in the Persian Gulf, has an estimated 7 billion barrels of oil in place. Iran aims to stabilize production from the SP layer at 25,000 barrels per day and gradually boost output to 55,000-60,000 bpd.