BAKU, Azerbaijan, May 11. Iran's Negin Afagh Kish Energy Development Co. (Tenco) Company will develop four gas fields (Karanj, Khorramshahr, Apadana, and Pars), Trend reports.
Iran's National Oil Company and Tenco signed a Memorandum of Understanding (MoU) for the development of the mentioned fields at the 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals in Tehran on May 10.
The MoU states that the reservoirs of the four gas fields mentioned will receive investments totaling $200 million.
After the completion of the works under the memorandum, gas production will increase by 2.5 million cubic meters per day.
On May 10, Iran's National Oil Company and several companies signed eight memoranda of understanding worth $8 billion for the development of 15 oil and gas fields.
According to the memoranda, the country's gas production 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.
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