Iran Signs Development Deal For Two Major Gas Fields

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 19.​ Iran has signed a contract for the development of its Gardan and Pazan gas fields, Trend reports via the country's National Iranian Oil Company (NIOC).

The agreement was concluded between NIOC and three domestic firms - Bakhtar Holding, Petrofarhang Holding, and Energy Gostar Hana. The contract is valued at $948 million.

Under the agreement, approximately 180 billion cubic meters of gas and 58.2 million barrels of gas condensate are expected to be extracted from the two fields.

To note, 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Iranian Central Oil Zones Company, five in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. Additionally, the South Oil Zones National Company of Iran operates five gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates one, and the Offshore Oil Company operates three.

Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.

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