Akbar Torkan told PIN that POGC was holding negotiations with Iranian company Petropars and Italy’s Eni on the development plans of the three phases.

“We are studying the two companies’ proposed contractors and they will be named in two months,” he added.

Shifting to his recent visit to China, the POGC chief said the main reason behind the trip was to finalize the talks with China National Offshore Oil Corp. (CNOOC) on the development of North Pars gas field.

Torkan said the two sides were still holding negotiations and bargaining on the project in Iran and China.

“According to the agreement, Iran and China are to sign the contract by the end of August 2007,” said Torkan, however, adding no exact date could be announced for inking the contract.

“To finalize the negotiations and sign the contract, the final decision of National Iranian Oil Company’s Board of Directors and the approval of ranking officials of the country are necessary and take time,” he noted.

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