The National Iranian Oil Company, Petrofarhang Holding, Bakhtar Group and Hana Energy Gostar signed an agreement to develop the Garand and Pazan gas fields, allowing Petrofarhang to enter the upstream sector of the oil industry for the first time in 17 years.
The agreement to develop the Garand and Pazan gas fields was signed today (Sunday, Ordibehesht 21) on the last day of the 29th International Oil, Gas, Refining and Petrochemical Exhibition in the presence of Hamid Bord, CEO of the National Iranian Oil Company, Javad Zarepour, CEO of Petrofarhang Holding, and the CEOs of Bakhtar and Hana Energy Gostar.
This 20-year contract, worth $948 million, was signed between the National Iranian Oil Company and the Bakhtar Group Partnership, Petrofarhang Holding, and Hana Energy Gostar, with the aim of maximizing gas resources, creating jobs in less developed areas, and providing sustainable feedstock for southern refineries.
According to estimates, 179.5 billion cubic meters of gas and 58 million 190 thousand barrels of gas condensate are expected to be produced during the implementation period of this project.