BAKU, Azerbaijan, April 30. Iranian company Petro Kaveh will conduct research on the development of Zireh, Khartang, and Tarang gas fields following a memorandum of understanding signed today (April 30) with Iran's National Oil Company, Trend reports.
According to the MoU, Petro Kaveh will invest $1 billion to increase production from three gas fields.
The event organized in Tehran in connection with the signing of the MoU was attended by Iranian Oil Minister Javad Owji, Deputy Oil Minister and Executive Director of the National Oil Company Mohsun Khojastmehr, Deputy Oil Minister and Executive Director of the National Oil Company Morteza Shahmirzaei, and other officials.
As a result of the research, it is planned to increase production at these fields by 24 million cubic meters per day.
Meanwhile, a memorandum of understanding worth $6.4 billion was signed today (April 30) in Tehran between the Iranian National Gas Company and local companies to increase gas production by 127 million cubic meters per day.
To note, Iran is considered the world's second-largest gas reserve country, with gas reserves of about 34 trillion cubic meters. Presently, 22 gas fields are operating in Iran. Iran produces 1.07 billion cubic meters of rich gas daily from its gas fields.
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