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IRAN, ISLAMIC REPUBLIC OF : NIOOC inks $1.1bn gas field deal with Sepehr Energy Corporation
Publish Date : 30-Dec-2011
The National Iranian Offshore Oil Company (NIOOC) has entered into agreement with Sepehr Energy Corporation, a subsidiary of Bank Saderat for the for the development of Lavan gas field in south Iran.
Tuesday, contract valued at USD 1.1 billion was signed in the presence of Iran\'s oil minister, Rostam Qasemi; managing director of the National Iranian Oil Company (NIOC), Ahmad Qalebani; managing director of Sepehr Energy Company, Gholamhossein Nejabat; and managing director of NIOOC, Mahmoud Zirakchian-zadeh.
Lavan field has 9.5 trillion cubic feet (cu. ft.) of in-place gas, 6.6 trillion cubic meters of extractable gas reserves, and 62 million barrels of condensate. It is likely to produce 750 million cu. ft. of natural gas and 11,000 barrels of condensate per day.
It is also expected that downstream facilities of the field to yield 260,000 tons gas liquids per year. The execution of project will take around 54 months.
Earlier the project was to be developed by Poland\'s PGNiG gas company. However due to delays the Polish company was dropped from the project.
Early production from the field has already begun at the capacity of 7-8 million cubic meters of gas per day and the extracted gas is used as feed for Reshadat, Parsian and Salman platforms as well as the Lavan oil refinery.
