Saipem Signs MoU for Tous Gas Field

Saipem Signs MoU for Tous Gas FieldSaipem Signs MoU for Tous Gas Field

Italy’s oil and gas giant Saipem has signed a memorandum of understanding with Iran in Tehran for developing Tous Gas Field in Khorasan Razavi Province.

According to IRNA, Stefano Cao, Saipem’s managing director, and Ali Yadgar, head of Razavi Oil and Gas Development Company, reached an MoU on holding preliminary negotiations about cooperation in Tous field project.  

Razavi Oil and Gas Development Company, which was established in 2007, is a private energy company based in Iran with offices in Tehran and Dubai, the UAE.

Total shares of the company are owned by Astan Quds Razavi, which is the biggest charity organization in Iran.

The in-place gas reserve of Tous is estimated at 60 billion cubic meters and it can produce up to 4 million cubic meters of natural gas per day.

The field’s development plan includes drilling five main wells and two potential ones as well as designing and constructing all its upstream and downstream installations.

The Italian oil contractor’s CEO earlier said it will sign a new memorandum of understanding during its representative's visit to Tehran.

“There are a multitude of opportunities in oil and services fields in Iran from offshore projects to exploitation and drilling, which should be first studied,” Cao added.

Saipem, whose 43% of shares belong to Eni, signed an MoU with Iran on the first day of Iranian President Hassan Rouhani’s official visit to Rome in January over cooperation in major oil and gas projects.

Saipem said the MoU with Iran had been signed with Parsian Oil and Gas Development Company and involved the revamping of Pars Shiraz and Tabriz refineries.

Earlier, a source close to the matter said the deal is worth $4-5 billion to build 2,000 km of pipeline in Iran.