Azerbaijan, Baku, Dec. 27/ Trend M. Moezzi /
The Iranian Offshore Oil Company (IOOC) and Sepehr Energy Corporation have signed a contract to develop the Lavan Gas field, Shana News Agency reported.
Iranian oil minister Rostam Ghasemi and the National Iranian Oil Corporation (NICO) managing director Ahmad Ghalebani attended the signing ceremony of the contract.
The goals of the contract include gas production to provide downstream facilities with some fuel on Lavan Island and transform the Lavan region into Iran's third petrochemical center.
The Lavan field has 9.5 trillion cubic feet of gas, 6.2 trillion cubic feet of gas reserves, and 62 million barrels of gas condensate.
The field development will cost $1.1 billion and take 54 months (about four and a half years).
The gas layer in Lavan field is located at the end of the Joint South Pars gas field with 80 percent of its reserves onshore and the remaining 20 percent offshore.
