Saipem of Italy on Tuesday said it has signed a memorandum of understanding with Razavi Oil & Gas Development Company for the potential cooperation on the Toos gas field development project.
The gas field, located 100 km northeast of Mashad holds over 60 billion cubic meters of gas and has the potential to produce some 4 million cubic meters of gas per day, Saipem said.
The project development targets drilling of five firm and two optional well together with the design and construction of all upstream gas production facilities and those for transportation and processing.
Saipem added that the deal follows agreements signed in January with the National Iranian Gas Company (NIGC) for discussions regarding potential cooperation over pipeline projects, and with Parsian Oil & Gas Development Company regarding the revamping and upgrading of the Pars Shiraz and Tabriz refineries.