TEHRAN, Oct. 18 (Mehr News Agency) - Iranian Offshore Oil Company has finalized technical and financial details with a European company for the development of Lavan gas field in southern Iran.

SHANA news agency quoted IOOC Managing Director Mahmoud Zirakchianzadeh as saying on Sunday that an Iranian delegation will travel to Europe next month to conclude a contract with the European firm. The name of the European company has not been revealed.

"The company has been authorized by its government to be in operation in Iran," he said, adding it has prepared the master development plan (MDP) of the Lavan gas field.

He added that there would be a potential for the exportation of up to four million tons of LNG to Europe annually after ongoing talks with the European company reached a conclusion.

Zirakchianzadeh said earlier in April that the development of the gas field would require a $3-6 billion investment, but declined from naming the investor, Press TV reported.

The Lavan gas field, which was discovered in 2003, has in-place gas reserves of around 12 trillion cubic feet.

Second to Russia, Iran has the world''s largest gas reserves, almost 16 percent of the world''s total.

... Payvand News - 10/19/09 ... --