Azerbaijan, Baku, Feb. 21/ Trend F.Milad/
The Iran Offshore Oil Company (IOOC) has signed a deal on Tuesday worth $3.8 billion with Iran's power projects management company (MAPNA) for developing the Forouz B gas field in the Persian Gulf and generating electricity from the produced natural gas, the MAPNA managing director said.
Shana news agency quoted Abbas Aliabadi as saying that the field holds around 28 trillion cubic feet of in-situ natural gas reserve as well as 180 million barrels of gas condensates.
The development plan, which is envisaged to be completed within five and a half years, is aimed at producing one billion cubic feet of gas, 10,000 barrels of condensates and generating 3000 megawatts of electricity per day in the first phase, he noted.
Mr Aliabadi said earlier that the project aims to use the field's natural gas for generating electricity and subsequently exporting power to neighbouring countries, Press TV reported.
The National Iranian Oil Company announced in November that 20 contracts will be signed by the end of the current Iranian calendar year (March 19, 2012) to develop joint oilfields.
Oil Minister Rostam Qasemi said in August 2011 that the oil industry's infrastructure needs more than 500 trillion rials (about $41 billion) of investment to achieve the goals of the country's 20-Year Economic Outlook Plan (to end in 2025).