Azerbaijan, Baku, Sept. 3 /Trend/
The Iranian Offshore Oil Company will sign a $5 billion gas contract with a consortium of Asian companies to develop Farzad B gas field in Persian Gulf region, Mehr News Agency quoted managing director of the Iranian Offshore Oil Company Mahmoud Zirakchian as saying.
"The Iranian Offshore Oil Company will sign $5 billon contracts by the end of current solar year (started on March 20, 2011) to develop Farzad B gas field," he said without mentioning the names of foreign companies.
An international consortium will develop Farzad B gas field in Persian Gulf this year, he added.
Iran predicted 1.1 billion cubic foot production capacity for the first phase of Farzad gas field.
Iran is the world's second largest reserves of gas and third in oil reserves, faces US sanctions over its nuclear program.
The U.S. Congress approved financial sanction against Iran in 2010, which imposes strict conditions for foreign investors and financial firms and prevents them to invest more than $20 million in Iran oil and gas industries.