Iran, CNOOC Ink Long-Awaited Gas Deal Worth $16 Billion

North and South Pars Fields
(Click to Enlarge)

Iran and China National Offshore Oil Corporation (CNOOC) will officially sign a $16 billion contract on Feb. 27 to develop one of the vast Pars gas fields, according to Iran's Oil Ministry news website SHANA.

The contract with CNOOC seals the deal to develop the North Pars field. The field holds around 48 Tcf and is considered to be Iran's second largest gas field. Iran's South Pars field is the country's largest. SHANA reports that the North Pars field actually holds 80 Tcf. The Iranian news agency claims the field could produce up to 1.2 Bcf/d with each phase of development.

Iran plans to export the gas from the North Pars field as LNG.

In December 2007, another Chinese oil company signed a deal with Iran to develop Iran's Yadavaran oil field.

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