NIOC, KOGAS ink deal on Balal gas field

News ID: 3615366 -
TEHRAN, May 03 (MNA) – NIOC and Korea Gas Corporation (KOGAS) have signed an MoU over the development of one of Iran’s major gas fields in the Persian Gulf.

Following the signing of two Memoranda of Understanding (MoUs) to buy LNG as well as participation in construction of gas pipeline to Oman, Korea Gas Corporation (KOGAS) has inked a third agreement with the National Iranian Oil Company (NIOC) to study the development of a gas field in the Persian Gulf.

Accordingly, NIOC Managing Director Roknodin Javadi and KOGAS’s CEO Seung-Hun Lee sealed a cooperation agreement to study the expansion of Balal gas field as well as to carry out gas projects.

“The South Korean company has had active participation in oil and gas industries of 15 world countries,” highlighted deputy oil minister Javadi asserting “on the basis of the inked deal, KOGAS will conduct technical studies of Balal gas field.”

Javadi went on to note “the South Korean energy company will then present its proposals over the development of Balal project to the NIOC; the proposals will also include the possibility of using the gas from the field to produce liquid natural gas (LNG).”

South Korean’s energy giant KOGAS had earlier signed a basic agreement with the NIOC over the production of LNG, its marketing as well as the transfer of its experiences to Iran in the same area.

A separate agreement had also been signed over providing engineering services for the construction of two key gas pipelines for Iran – Iran Gas Trunk-Line 7 (IGAT 7) and Iran Gas Trunk-Line 9 (IGAT 9).

 

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