Iran, China Reach Agreement on North Pars Gas Field Development

TEHRAN – Iran and China finalized the negotiation and came up with an agreement on the development of the North Pars gas field in the Persian Gulf, said the Pars Oil and Gas Company’s (POGC) managing director on Friday.

Talking to Mehr News Agency, Akbar Torkan added that POGC and China National Offshore Oil Corp (CNOOC) will ink the contract by August 31, 2007.

CNOOC has already signed a memorandum of understanding with National Iranian Oil Co. (NIOC) on upstream and downstream development of the gas field which has been defined in four phases. 

According to the negotiations, the phases are to produce 20 million tons of LNG per year, he said.

The North Pars gas field is located 85km north of the giant South Pars gas field in the Persian Gulf and has an estimated 80 trillion cubic feet of natural gas.









News Code 104920

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