Denmark's Maersk Oil has estimated potential output for the 2nd phase of Iran's South Pars oil deposit at 120,000-140,000 barrels of oil per day, said an official at National Iranian Oil Company (NIOC) on August 2, 2017.
The company, part of Denmark's A.P. Moller-Maersk, declined to comment.
The company signed a memorandum of understanding with NIOC in 2016 to explore opportunities for future collaboration.
Since the completion of the preliminary studies, the Danish company has been in talks with the NIOC for development of South Pars gas field’s oil layer in the Persian Gulf.
The development of the South Pars oil layer will be awarded under a 20-year contract.
The project is estimated to cost about $6 billion and the field’s final output will be 120,000 barrels per day.