2018 Offshore Technology Yearbook

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KEY PLAYERS | 2018 OFFSHORE TECHNOLOGY YEARBOOK | December 2017 | 15 regarded as the largest discovery of liquid hydro- carbons made in Australia in more than 50 years, with more than 339 Bcm (12 Tcf) of estimated gas and 500 MMbbl of condensate estimated in the field. The project, which includes the world's largest semisubmersible production platform in Austra- lian waters, is one of the world's largest LNG devel- opments that includes the whole production chain. The project will operate for 40 years. Through subsidiary INPEX Norge AS, INPEX has obtained a 40% participating interest in explo- ration license PL767 in the Barents Sea offshore Norway, the company's first project in the coun- try. INPEX and partners extended their produc- tion-sharing agreement with the State Oil Co. of the Azerbaijan Republic through 2049 for the Azeri-Chirag-Deepwater Gunashli fields in the Caspian Sea offshore Azerbaijan, in which INPEX now has a 9.31% participating interest. The company's production-sharing contract for the Offshore Mahakam Block offshore Indo- nesia expires at the end of 2017, but INPEX and operating partner TOTAL are exploring options for continuing participating in the block. INPEX has also agreed in principle to continue to jointly developing the Satah and Umm Al Dalkh oil fields offshore United Arab Emirates with Abu Dhabi National Oil Co. through 2042. In late 2016, INPEX, along with Chevron and PEMEX, was awarded a lease to explore Block 3 in the Perdido Fold Belt in the Mexican sector of the Gulf of Mexico. The National Iranian Oil Co. • Iran's state-owned oil and gas company • Expects to bring in up to $15 billion in foreign investments from August 2017 to April 2018 The National Iranian Oil Co. (NIOC), a govern- ment-owned corporation under the direction of the Ministry of Petroleum of Iran, is an oil and natural gas producer and distributor headquartered in Tehran. In 1901, Iran became the first country in the Middle East region to begin operations to produce oil. Iran inaugurated five megaprojects in the South Pars gas field in the Persian Gulf, increas- ing gas production by 150 MMcm/d (5.3 Bcf/d) and condensate production by 200 Mbbl/d, NIOC announced in an April press release. These megaprojects include South Pars Phases 17, 18, 19, 21 and 22. The country also inaugurated produc- tion of 35 Mbbl/d of oil from the South Pars Oil Layer, which could produce as much as 60 Mbbl/d. Iran has developed 12 phases of the South Pars Field so far, and the field, which Iran shares with Qatar, is believed to be the world's largest gas field with estimated reserves of 51 Tcm (1,801 Tcf) of natural gas and about 50 Bbbl of condensate. Iran expects to bring in up to $15 billion in for- eign investments in its oil and gas projects between August 2017 and April 2018, said Gholamreza Manouchehri, the deputy director for development and engineering affairs of the National Iranian Oil Co. Iran and Russia's Lukoil have agreed to jointly explore the southern parts of the Caspian Sea, the first time the countries will cooperate on an energy-related venture in the Caspian Sea. Bra- zil's Petrobras has expressed interest in cooperating with National Iranian Oil Co. subsidiary Khazar Exploration and Production Co. to explore in the Iranian sector of the Caspian Sea. Total has signed a 20-year contract to develop and produce from Phase 11 of the South Pars gas field in the Persian Gulf in partnership with China's CNPC and NIOC subsidiary Petropars. Iran is considering multiple options for devel- oping the Farzad B gas field in the Persian Gulf, beginning preliminary talks and signing a basic agreement with Russia's Gazprom while continu- ing negotiations with India. Noble Energy • Year-end 2016 proved reserves of 1.44 Bboe • Sanctioned first phase of Leviathan project Noble Energy has discovered more than 3 Bbbl of net resources since 2005 and has established off- shore operations in the Eastern Mediterranean,

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