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Oil & Gas News: Shell signs accord to develop Iran field

LONDON: 5 February 2007

Royal Dutch Shell Plc said it had signed a preliminary deal to develop a major Iranian gasfield in conjunction with Spain’s Repsol, despite growing US pressure not to invest in Iran.

A Shell spokeswoman said that Shell had signed a deal on the upstream, gas production, side of its ‘Persian LNG’ project which covers phase 13 and 14 of the South Pars gasfield.
However, Shell said it was still a year away from a final decision on whether to proceed with the multi-billion dollar project. That hinges on another agreement, to build an eight million tonnes per year LNG terminal.

“We have signed an upstream service agreement as part of our work to assess the feasibility of the project,” a spokeswoman said. “Implementation of the upstream service agreement is subject to taking a final decision to proceed with the midstream LNG project.”

Shell declined to say if it was subject to pressure and said its project was proceeding broadly as envisaged when an initial deal was agreed in 2004.

However, the timetable seems to have slipped. The company also said in February 2006 that a decision was only around a year away.

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