Iranian oil ministry orders to resume $10bln gas contract in Kish field

Oil&Gas Materials 17 August 2011 19:27 (UTC +04:00)

Azerbaijan , Baku, Aug. 17 /Trend/

Iran's Oil Minister Rostam Ghasemi has ordered to restart $10 billion contract to develop Kish gas field, Mehr News Agency reported.

After 17-month halt of $10 billion contract of the development plan of Kish gas field, Rostam Ghasemi has ordered to restart the plan by the management of National Iranian Oil Company.

Prior to signing contract between domestic consortium and National Iranian Oil Company, 20 percent of executive development plan had completed, however the operation was halted after signing $10 billion contract.

Ghasemi order gives all the power to implement technical and operational stages of developing phase one to National Iranian Oil Company while Bank Mellat remains financial supporter of the project.

Development of Kish gas filed aims to produce 85 million cubic meters gas per day and 30,000 barrels of gas condensates and construction of 200 megawatt plant.

The proved gas reserve of Kish field is estimated at 66 trillion cubic foot and it is able to produce 50 trillion cubic foot gas.