Published On:February 24 2012
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National Iranian Oil Company Gas extraction and power project worth USD 3.8 billion
Iran Offshore Oil Company struck USD 3.8 billion deal with Iran’s Power Projects Management Company for the development of the Persian Gulf's Forouz B gas field and an associated gas fired power project.
Mr Abbas Aliabadi MD of MAPNA said that the field holds around 28 trillion cubic feet of in situ natural gas and 180 million barrels of gas condensates. The development plan which is set for completion within five and a half years, aims to produce 1 billion cubic feet of gas, 10,000 barrels of condensates, and 3,000 MW per day of power in the Phase I.
The National Iranian Oil Company announced in November that 20 development contracts will be signed by the end of the current Iranian calendar year for oilfields in the Persian Gulf.
Mr Rostam Qasemi oil minister of Iran said in August 2011 that the oil industry's infrastructure needs more than IRR 500 trillion of investment to achieve the goals of the country’s 20 Year Economic Outlook Plan.