IOOC signs deal for gas extraction and power projects

Feb 21, 2012 12:00 AM

The Iran Offshore Oil Company (IOOC) struck a $ 3.8 bn deal with Iran’s Power Projects Management Company (MAPNA) for the development of the Persian Gulf's Forouz B gas field and an associated gas-fired power project. MAPNA Managing Director Abbas Aliabadi was quoted as saying that the field holds around 28 tcf of in-situ natural gas and 180 mm barrels of gas condensates.
Aliabadi said the development plan, which is set for completion within five and a half years, aims to produce 1 bn cf of gas, 10,000 barrels of condensates, and 3,000 MW per day of power in the first phase.

Aliabadi was quoted previously as saying that the project will export a percentage of the power to neighboring countries. The National Iranian Oil Company announced in November that 20 development contracts will be signed by the end of the current Iranian calendar year (March 19, 2012) for oilfields in the Persian Gulf.
Oil Minister Rostam Qasemi said in August 2011 that the oil industry's infrastructure needs more than 500 tn rials (about $ 41 bn) of investment to achieve the goals of the country’s 20-Year Economic Outlook Plan (to end in 2025).

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