The deal was signed in the presence of Hamid Bovard, NIOC’s managing director.

The Madar field, discovered in 2009, is located about 40 kilometers from phases 15 and 16 of the South Pars gas refinery and near the East Asaluyeh, Tabnak and Khayyam West fields. Its in-place reserves are estimated at 8.8 trillion cubic feet.

Under the 20-year contract, the project is expected to produce about 65 billion cubic meters of natural gas and 127 million barrels of condensates.

Plans call for the completion of 20 wells in four clusters, construction of wellhead facilities, more than 100 kilometers of flow and transmission pipelines, and the installation of water treatment and measurement units.

Officials said the project aims to maximize recovery from the field, attract investment in Iran’s oil and gas sector, and create jobs in underdeveloped areas of Bushehr province.