A memorandum of understanding for the development of the Khayyam gas field was signed on Sunday, May 21st at the closing of the Exhibition.

The MoU was signed between the National Iranian Oil Company and Farzanegan Energy Pars, with Hamid Bord, Managing Director of the National Iranian Oil Company’s attendance.

The MOU aims to maximize gas extraction, create jobs in Hormuzgan province and develop the social and economic infrastructure of the region. The estimated investment required for the field’s development is $450 million.

The Khayyam gas field, with an in-place volume of 4600 billion cubic feet of gas and 370 million barrels of condensate has the capacity to produce 10 million cubic meters of gas and 20,000 barrels of condensate per day

The four-day event held from May 8 to 11 at the Tehran Permanent International Fairgrounds, was open to visitors daily from 8 a.m. to 3 p.m.