The agreement was signed in the presence of Hamid Bovard, managing director of NIOC, and Mohammad Aqajanlou, acting head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).

The two fields hold an estimated 18 trillion cubic feet of gas in place. Development is expected to yield about 35 million cubic meters of natural gas and 25,000 barrels of condensates per day.

The project aims to attract investment, supply feedstock for Iran’s steel and mining industries and help ease the country’s natural gas imbalance.