BAKU, Azerbaijan, September 15. Iran will allocate $600 million for the development of the Madar gas field, Trend reports.
On September 14, a contractual agreement was executed in Tehran between Iran’s Mobarakeh Steel Company and the Oil Industries Engineering and Construction Company (OIEC) to undertake the development of the Madar gas field.
The signing ceremony was attended by Iran’s Deputy Oil Minister and Chief Executive Officer of the National Iranian Oil Company, Hamid Bovard, along with other officials.
Under the signed contract, over a period of 20 years, 65 billion cubic meters of gas and 127 million barrels of gas condensate will be extracted from the Madar field.
The project foresees drilling and upgrading 20 wells across four sections of the field, construction of wellhead facilities, laying of 100 kilometers of pipelines, and building of water filtration and measurement units.
The Madar gas field will be developed to improve social conditions in Bushehr Province and attract investment into the country’s oil and gas sector.
Madar gas field, located in southern Iran’s Bushehr Province, was discovered in 2009. Its reserves are estimated at 8.8 trillion cubic feet (about 249 billion cubic meters) of gas.
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