November 19, 2017 / 1:36 PM / a year ago

Iran has exported 4.26 million barrels of oil from South Pars since March - ISNA

BEIRUT (Reuters) - Iran has exported about 4.26 million barrels of oil from South Pars to international destinations since the beginning of the Iranian calendar year, which began in late March, Fardin Asadi, the manager for development of oil layers at South Pars, said on Sunday, according to the Iranian Students’ News Agency (ISNA).

South Pars is the world’s largest gas field which also has significant oil reserves. Approximately 25,000 barrels of oil are extracted from South Pars daily, Asadi told ISNA.

France’s Total (TOTF.PA) signed a deal with Tehran in July to develop phase 11 of South Pars, marking the first major Western energy investment in Iran since the lifting of sanctions against the country last year.

Total will be the operator with a 50.1 percent stake, alongside Chinese state-owned oil and gas company CNPC with 30 percent, and National Iranian Oil Co subsidiary Petropars with 19.9 percent.

The field exported about $6.9 billion worth of gas condensate, a 28-percent increase in the value of exports of that product over the same period last year, a customs official told state media in August.

Reporting By Babak Dehghanpisheh. Editing by Jane Merriman

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