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96

Iranian Field Continues to Draw Interest

World watches as $20 billion game plays out....

Iranian Field Continues to Draw Interest

Singapore's SembCorp is expected to set up a joint venture to support oil and gas companies operating in Iran. Its subsidiary, Singapore Offshore Petroleum Services, will take a 78 % stake in a joint venture called SOPS Iran, which will provide logistics and marine support services, the company said in a statement. British Virgin Islands-registered Warner Offshore Corp., a marine services company operating in the Persian Gulf will hold the remaining 22% stake, it added.

SOPS Iran plans to invest U.S $1.35m into a logistics base on Iran's Kish Island over the next few years, the company said. As demand increases the base will be upgraded to become an offshore logistics center.

SOPS Iran aims to set up a network of logistics bases throughout the Persian Gulf, which accounts for about a third the world's oil production.

Operations will focus initially on the South Pars Energy Field, Iran's largest field with some 17 billion barrels of oil and 280 trillion cubic feet of natural gas reserves.

To date, oil companies Agip, Statoil and TotalFinaElf have invested about US$20 billion in the field.

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