BAKU, Azerbaijan, May 11. On May 10, Iranian oil and gas company Mapna and the Iranian National Development Fund signed a memorandum of understanding with the Iranian National Oil Company to develop the Forouz gas field, Trend reports.
The 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals in Tehran saw the signing of the memorandum.
According to the signed memorandum, the Iranian National Development Fund and Mapna Oil and Gas Company will invest $3.8 billion in the development of the Forouz gas field.
Upon completion of the works, the memorandum notes that the field will produce 57 million cubic meters of gas daily.
Furthermore, the Persian Gulf is home to the Forouz gas field. The 1970s saw the discovery of this field. Reports indicate that the field holds 28 trillion rials (roughly 793 bcm) of gas and 180 million barrels of gas condensate.
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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