Iran Signs $900 Million Deal to Develop Offshore Gas Field
(Reuters) — Iran signed a $900 million contract on Saturday with Iranian Offshore Engineering and Construction Co. (IOEC) to develop the first phase of its Kish offshore gas field in the Gulf, state television reported.
RELATED: Iran to Revive Gas Pipeline Project to Oman
Under the contract, IOEC is to launch production of 28 million cubic meters per day of gas in 14 months, which is to be sent to installations in Assalouyeh on Iran's Gulf coast via a 210-km (130-mile) undersea pipeline, Mohsen Khojastehmehr, head of the state-run National Iranian Oil Co, told the TV.
The gas field, located near Iran's Gulf island of Kish, holds 1.5 trillion cubic meters of gas in place and is to be developed in four phases, Khojastehmehr said.
Iran sits on the world’s second-largest gas reserves after Russia, but U.S. sanctions have scared off potential foreign investors, hindered access to technology and slowed development of gas exports.
Related News
Related News

- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- 1,000-Mile Pipeline Exit Plan by Hope Gas Alarms West Virginia Producers
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Boardwalk’s Texas Gas Launches Open Season for 2 Bcf/d Marcellus-to-Louisiana Pipeline Expansion
- New Alternatives for Noise Reduction in Gas Pipelines
- Construction Begins on Ghana's $12 Billion Petroleum Hub, But Not Without Doubts
- DOE Considers Cutting Over $1.2 Billion in Carbon Capture Project Funding
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Newsom Seeks to Aid Struggling Refiners Following Valero’s California Exit
Comments