NIOC inks $10bn deal to develop Kish gas field

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The National Iranian Oil Company (NIOC) has joined forces with a local consortium and signed a US$10 billion development contract for the massive Kish gas field.

The Mehr News Agency reported that the consortium is led by Bank Mellat and that the deal is the first of its kind in Iran.

"It is for the first time that an all-Iranian consortium takes the responsibility of carrying out such a big project and this comes at a situation when the country is threatened by global economic sanctions." NIOC MD Seyfollah Jashnsaz is quoted as saying

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Kish is a giant offshore field located near Kish Island in the Arabian Gulf. Discovered in 2006, Kish has recoverable reserves of 45 trillion cubic feet of gas and 221 million barrels of condensate.

The production target for the field is 85 million cubic metres of gas per day and 30,000 barrels per day of condensates.