Iran has finalised technical and financial terms with an Eastern European firm on a contract worth US$3.6 billion to develop Lavan gas field in southern Iran, it has been reported.
Mahmoud Zirakchianzadeh, head of the Iranian offshore Oil Company told the Mehr News Agency that an agreement has been reached with the company, although no further details were announced.
“The European company has received a state permit to participate in the project in Iran,”” he said.
It is hoped the Lavan gas field will produce 4 million tonnes of liquefied natural gas and 600 million cubic feet of gas per year. The field was discovered in 2003 and has gas reserves in place of around 12 trillion cubic feet, the Tehran Times reported.
Iran has roughly 15% of the world’s total reserves of natural gas, with an estimated 974 trillion cubic feet of proven reserves.
