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

- 416-Mile Coastal GasLink Pipeline Project 98% Complete
- FERC Approves TC Energy's 1,377-Mile West Coast Pipeline Expansion
- Kinder Morgan to Buy NextEra’s 462-Mile Texas Pipeline System for $1.8 Billion
- Williams' Gas Pipeline in Idaho Ruptures, Company Challenges Explosion Allegations
- Biden Awards $7 Billion in Hydrogen Hub Money to 16 States
- Navigator CO2 Ventures Seeks Pause in Iowa Permit Process for 1,300-Mile Carbon Pipeline
- 416-Mile Coastal GasLink Pipeline Project 98% Complete
- UAE's ADNOC Awards $17 Billion of Contracts for Gas Project, Including Subsea Pipelines
- HVO: Fuel for the Future
- Analysis: Canada May Struggle to Recoup $26 Billion Cost of Trans Mountain Pipeline
Comments