The three firms have signed a preliminary agreement to begin joint exports by late 2009 or early 2010.T he project would allow Iran to export gas to the Asian market, particularly China, India and South Korea.
Of the total, an estimated US$1.5 billion to US$2 billion was needed for exploration and production, which would be split evenly between Shell and Repsol, Remon told reporters.
Most of the rest would be dedicated to the gas liquefaction plant, which would be half owned by the NIOC with Shell and Repsol owning 25% each.
"Of the total investment, upstream accounts for nearly half [and] we will be going 50/50 with Shell," Remon said.
