BAKU, Azerbaijan, May 11. A total of $200 million will be invested in the development of Iran's Pazanan and Aghajari gas fields, Trend reports.
At the 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals in Tehran on May 10, a MoU was signed between Iran's National Oil Company, Maroon Karan Company, and Sealand Engineering & Well Services to develop the fields.
The memorandum foresees that with the development of the fields, gas production in the country will increase by 6 million cubic meters per day.
To note, 8 memorandums of understanding worth $8 billion were signed between Iran's National Oil Company and several companies on May 10 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.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel
