(MENAFN)According to Shana, National Iranian Oil Company (NIOC) inked an USD1.78 billion agreement with a domestic company named Petropars for the development of Farzad-B gas field in the Persian Gulf.
The agreement inked by Mohammad Meshkinfam, the managing director of Iran’s Pars Oil and Gas Company (POGC), as NIOC representative, and Hamidreza Masoudi, the managing director of Petropars, in a ceremony on Monday.
The signing event was attended by Oil Minister Bijan Namdar Zanganeh.
Petropars will expand the field to increase its output to 28 million cubic meters per day of sour gas over a five-year period.
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