Azernews.Az

By Sara Rajabova

Following the expectation for lifting of sanctions on Iran in near future, one after another the foreign companies voiced intention to participate in the projects in the Islamic Republic.

A French company expressed its readiness to involve in Iran's LNG projects, according to the Iranian media.

Iranian media reported without naming the French company that the company is keen to gather and buy the flaring associated gas of Forouzan oil field and produce LNG.

Forouzan field is located 100 kilometers southwest of Kharg island. It was discovered in 1966 with estimated in-place reserve of 2.309 billion barrels of crude oil. The field is known as Marjan in Saudi Arabia.

Production from this field is expected to double in 2016, according to reports.

Bizhan Namdar Zanganeh, Iran’s oil minister said a company would buy a part of flare gases in Gulf and almost 25 percent of the flare gases in the Gulf would be collected after commencing this project.

Iran's flaring gas is around 17 billion cubic meters per annum (bcm/a), according to the U.S. Energy information Administration's estimates. However, Fars news agency reported that the flaring associated gas of about 50 oil fields in Iran is around 7.3 bcm/a.

Before, Mansur Rad, the managing director in charge of investments in the National Iranian Oil Company confirmed two months ago the reception of such offers from private companies.

The development of the oilfield aims to increase its gas output to seven million cubic meters per day and extract more than 300 million barrels of crude oil in the next 25 years.

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Sara Rajabova is AzerNews’ staff journalist, follow her on Twitter: @SaraRajabova

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