Iran will sign a deal with China National Offshore Oil Corporation (CNOOC) on Wednesday to develop the country's North Pars gas field.
CNOOC is expected to invest $16 billion in the upstream and downstream sectors of the North Pars gas field, Shana news agency reported.
The National Iranian Oil Company (NIOC) and CNOOC agreed to sign the deal last year.
The North Pars gas field reportedly contains 80 trillion cubic feet of gas and each of its four phases can produce 1.2 billion cubic feet per day.
CNOOC is a state-owned oil company and the third largest in China next to CNPC and Sinopec.
Iran signed a $2 billion deal with Sinopec in early December to develop the Yadavaran oil field.
... Payvand News - 02/27/08 ... --