Iran’s Petrobars Group and its fellow oil and gas company Pars on Saturday signed a contract to develop the Bilal offshore gas field with Qatar in the Gulf.
Iranian news agency Fars reported that this was in the presence of Iranian Oil Minister Begin Zangana, pointing out that the contract, according to the repurchase formula, aims to develop a comprehensive field and catch up with the development stages 11 to 24 of the South Pars joint field with Qatar, to produce 500 million cubic feet Of rich gas under a 34-month timeline.
Under the contract, Petrobars (the contractor) will lead and manage the field, conduct reservoir studies, drill designs and sub-tendering.
Under the contract, the company will drill eight wells, construct and install a platform with a production capacity of 500 million cubic feet of rich gas and build a 20 km offshore pipeline.
The agency said that the implementation of the project will provide many job opportunities for the residents of the province of “Hormuzgan” (south) and local contractors and manufacturers, and will be funded through the capital of the Iranian National Development Fund.
Bilal is located in the southwest of Laoan Island in the Gulf and on the east side of the South Pars gas field, the world’s largest gas field.