Iranian Offshore Engineering and Construction Company (IOEC) has signed a $900m deal with Pars Oil and Gas Company (POGC) to develop the Kish gas field in Iran, Tehran Times reported, citing the Shana news agency.

The deal-signing ceremony was attended by Iranian Oil Minister Javad Oji, National Iranian Oil Company (NIOC) head Mohsen Khojasteh-Mehr and other senior officials.

Kish offshore gas field is one the largest gas fields in the country, with estimated in-place reserves of 56 trillion cubic feet.

Once completely developed, the field will have a production capacity of 120 million cubic feet of gas per day.

As the biggest gas project in the country following South Pars, the development plan for the Kish gas field is prepared in four phases and will take 14 months to complete.

Iran Marine Engineering and Construction Company will build a 200km submarine pipeline from Kish Island to Assaluyeh, while 14 wells will be completed by Iran’s National Drilling Company (NIDC).

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With the completion of the project, more than 28.3 million cubic meters per day of natural gas and 11,300 barrels per day of gas condensate will be generated and transported from Kish Island to the refineries of South Pars Gas Complex (SPGC) in Assaluyeh.

The Kish gas Field is close to Kish Island in the Persian Gulf.

This field was discovered by NIOC in 2006.

This field also has a minimum of one billion barrels of condensate, with at least 331 million barrels being recoverable.