Iran, Malaysia sign gas development agreement

Iran and Malaysia signed a $16-billion memorandum of understanding (MoU) to develop two gas fields at Golshan and Ferdows located in the southeast of Iran as well as establishment of LNG production units, reported IRNA News Agency.
“Development of the upstream section of the two gas fields will be implemented by Malaysia’s SKS Ventures based on a buyback contract… Another long-term 25-year contract is expected to be inked on the downstream section of the fields,” said Gholam-Hossein Nozari, managing director of National Iranian Oil Company (NIOC) to reporters during the signing ceremony.
Nozari added that once developed, Golshan gas field is expected to produce more than 70 million cubic meters of gas daily. Meanwhile, the estimated daily gas production from Ferdows gas field counts for 25 million cubic meters.
The Golshan gas field contains more than 1.425 trillion cubic meters of gas in place. While, the Ferdos gas field, located 85 km from the Iranian coast, has predictable gas reserves of 285 billion cubic meters.

(AFP, IRNA & Middle East Times)


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