BAKU, Azerbaijan, May 11. Iran's Nargan Engineering, procurement, construction, and project management company and Navard Fooladkaran Ofogh will develop the Sefid Baghun gas field, Trend reports.
The Iranian National Oil Company and the two named companies signed a memorandum of understanding to develop the field during the 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals.
Investments in this field's development will amount to $200 million.
Furthermore, this field will produce 4.5 million cubic meters of gas per day after the completion of the work under the memorandum.
Additionally, it should be noted that the Sefid Bagun gas field is located in Fars province in southern Iran. Reports indicate that this field contains 6 trillion cubic feet (about 170 bcm) of gas.
On May 10, Iran's National Oil Company and several companies signed eight memoranda of understanding worth $8 billion to develop 15 oil and gas fields.
According to the memoranda, gas production in the country will increase by 85 million cubic meters per day, and oil production will increase by 200,000 barrels per day.
Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas using existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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