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Lavan gas field $7b development contract to be finalized

TEHRAN, Oct. 19 (Mehr News Agency) -- The $7 billion contract of Lavan gas field development plan will be finalized by the end of the current Iranian calendar year (March 20, 2009), the Iranian Offshore Oil Company (IOOC) managing director said here on Sunday.

"A European company is the contractor of Lavan gas field's development plan," Mahmud Zirakchianzadeh explained, the Mehr News Agency reported.

"The Field's natural gas is projected to be used for producing LNG that will be later exported," he added.

Lavan gas field discovered in 2003 is located near Lavan Island in the Persian Gulf and holds over 6 trillion cubic feet of gas.

IOOC previously said that Lavan's first phase involves seven wells, pipelines, condensate facilities and the production of 300 MCF/d. Condensed fluid will then be transferred to production facilities on Lavan Island. The second phase entails six wells and construction of upstream and downstream installations based on 1,000 MCF/d of gas.

... Payvand News - 10/20/08 ... --

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