October 18, 2009

EU firm to develop Lavan gas field

Press TV - October 18, 2009 12:00:39 GMT

A European company has received state permit to
participate in the development of Lavan gas field in Iran.

Iran has finalized with an unnamed European company the technical and financial aspects of the development contract of Lavan gas field in southern Iran.

"The Iranian Offshore Oilfields Company (IOOC) has reached an agreement with a European firm which has prepared the Master Development Plan of the Lavan gas field," the head of IOOC Mahmood Zirakchianzadeh told Iran's energy news agency SHANA on Sunday.

He added that there would be 4 million tons of LNG exports to Europe every year after ongoing talks with the European company reached a result.

"The European company has received a state permit to participate in the project in Iran," he said.

Zirakchianzadeh said earlier in April that the development of the gas field would require a $3 to $6 billion investment, but declined from naming the European company who would make the investment.

The Lavan gas field, which was discovered in 2003, has in-place gas reserves of around 12 trillion cubic feet.

Turning gas into liquefied natural gas (LNG) for export purposes was the main objective in developing the Lavan gas field.

Iran sits on the world's second-largest gas reserves after Russia.

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