07 February 2010
TEHRAN - National Iranian Oil CompanyNational Iranian Oil Company

and a domestic consortium led by Bank MellatBank Mellat

 signed a $10 billion contract on Saturday to develop Kish gas field, southern Iran. signed a $10 billion contract on Saturday to develop Kish gas field, southern Iran. 07 February 2010
TEHRAN - National Iranian Oil Companysigned a $10 billion contract on Saturday to develop Kish gas field, southern Iran.

The Mehr News Agency quoted NIOCNIOC Managing Director Seyfollah Jashnsaz as saying: "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."

Kish gas field is a giant gas field close to the Kish Island in the Persian Gulf. It was discovered in 2006 and holds 59 trillion cubic feet of gas in place, of which 45 tcf is recoverable. The field also holds 946 million barrels of condensate, of which 331 million barrels are recoverable.

The Kish gas field aims at daily producing 85 million cubic meters of gas and 30,000 barrels of gas condensates.

The gas field holds about 66 trillion cubic feet of gas.

Iran has the world''s second largest reserves of natural gas (15% of the world''s total). It contains an estimated 974 trillion cubic feet (Tcf) in proven natural gas reserves. About 62% of these reserves are located in non-associated fields.