Iran and Malaysia here on Sunday signed a memorandum of understanding (MOU) for developing Iran’s southern gas fields.
National Iranian Oil Company (NIOC) and Malaysia’s SKS Ventures signed a MOU for developing Iran’s Golshan and Ferdows gas fields, said a fax released by the Public Relations Dept. of the Pars Oil and Gas Company (POGC).
Located 180 kilometers southeast of the port city of Bushehr, Golshan Gas Field has an estimated reserve of over 50 trillion cubic feet in place. The field is expected to produce 70 million cubic meters of gas per day once it is developed.
Also located 190 kilometers southeast of Bushehr, Ferdows is estimated to have in situ reserve of 10 trillion cubic feet of gas. It is anticipated to produce 25 million cubic meters of gas per day after development.
According to official news agency IRNA, the MOU is worth at $16 billion, and includes the establishment of LNG production units in addition to developing the gas fields.
“Development of the upstream section of the two gas fields will be implemented by Malaysia's SKS Ventures based on a buyback contract,” IRNA quoted the managing director of the National Iranian Oil Company (NIOC) Gholam-Hossein Nozari who attended the signing ceremony.
