Iran awards gas field contract to its largest steel company
Iran’s Oil Ministry has awarded a gas field development contract to its largest steel company amid efforts to use funding resources from metals and petrochemical manufacturers to increase the country’s energy supplies.
The contract awarded to Mobarakeh Steel Company (MSC) on Sunday would allow the steel manufacturer to develop the Madar gas field, located 15 kilometers to the east of Asaluyeh, Iran’s main gas production hub on the Persian Gulf coast.
The Oil Ministry said in a report on its news website that the contract is a first of its kind and would pave the way for more contribution of the Iranian metals industry to development projects in the upstream sector of Iran’s oil and gas industry.
It said the government would benefit more than $16.6 billion from the project in the next two decades.
The MSC, located in the central Iranian province of Isfahan, would spend $595 million in the project to reach a 20-year production target of 65 billion cubic meters (bcm) of gas and 127 million barrels of condensate.
The company would drill 20 wells in the Madar gas field, besides building other production installations, including nearly 100 kilometers of pipelines.
Iran has offered oil and gas contracts to its metals and petrochemical companies as part of efforts to increase the supply of energy to its industries amid growing demand for gas and electricity in the Iranian household and business sectors.
The Madar gas field, discovered in 2009, has a proven gas reserve of nearly 500 bcm, 80% of which is recoverable, and has nearly 685 million recoverable barrels of condensate.
China raises Iran oil import amid expanded quotas for refiners: Report
Iran relies on fossil fuels for 92% of its electricity generation: Official
Iran ramps up development at oilfield shared with Iraq
IRGC Navy launches ballistic, cruise missile during major drill
China deploys largest naval force Yet amid Japan’s buildup near Taiwan
Netanyahu begs Trump for ‘more’ help for pardon amid corruption case
Yasser Abu Shabab’s destiny is inevitable fate of every traitor: Hamas
Israel conducts violent airstrikes on Lebanon after direct talks
Final SIGAR report finds decades of US corruption, waste in Afghanistan
VIDEO | Iraqi government denies listing Hezbollah, Ansarallah as terrorist group
VIDEO | IRGC hosts SCO anti-terror drill
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
