based oil and drilling services provider Saipem has signed an MoU with Iran in a bid to develop the Toos gas field.
Located 100km northeast of Mashhad, the Toos Gas Field Development Project is in Iran’s northeastern province of Khorasan Razavi.
The gas field holds more than 60bn cu/m of gas in place and has capacity to produce about four million cu/m of gas every day.
Under the scope of the project, the Italian company will undertake the drilling of five firms as well as two optional wells. It will also undertake the design and construction of all upstream gas production facilities in the Toos gas field.
The current deal has been signed after the ones in January with the National Iranian Gas Company (NIGC) and with Parsian Oil and Gas Development Company.
The agreement signed with NIGC aimed at discussing on potential cooperation over pipeline projects, while the one with Parsian Oil and Gas Development Company focuses on the renovation and modernisation of the Pars Shiraz and Tabriz refineries
Over the past years, Iran, which sits on the world’s second largest gas reserves, has implemented plans to enhance production and export of natural gas by increasing foreign and domestic investment.