Saipem to develop Toos gas field in Iran

Italy-based oil and drilling services provider Saipem has signed a memorandum of understanding (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 60 billion cubic metres of gas in place and has capacity to produce about four million cubic metres 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 aims 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 few years, the Middle Eastern country has incorporated plans to increase both production and export of natural gas through foreign and domestic investments.