Shell pulls out of South Pars

Shell has left the door open for Statoil to negotiate a deal on phases 6–8 of the South Pars gas field in Iran. Shell has apparently declined to take up its 20% stake option inherited in the buy-out of Enterprise Oil. Iranian Oil Minister Bijan Zanganeh said that Petropars was now in negotiations with Statoil over the USD 3 billion deal for the three phases. Enterprise had been considering pulling out of the deal before it was swallowed up by Shell. Statoil is hoping for a 40% stake in the three gas phases, which are expected to produce 3 billion cubic feet of gas a day and 120,000 barrels a day of condensates.

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