CNPC Pulls Out of South Pars Development Project

China’s CNPC has pulled out from the development project of Phase 11 of South Pars gas field due to continuous delays.

The Chinese energy major and Iran had signed a $4.7 billion deal in 2009 to development to develop Phase 11 of South Pars. CNPC was contracted after France’s Total withdrew, Mehr News Agency reported.

Iranian Oil Ministry had warned CNPC several times because of repeated delays in company's operation at Phase 11 of South Pars.

The central Asia nation has lost $11 billion due to delays in extraction of gas from South Pars in recent years, Mehr said.

South Pars has been divided into 29 Phases and holds about 14 trillion cubic meters of gas.