KOGAS to Study Belal Feasibility

KOGAS to Study Belal FeasibilityKOGAS to Study Belal Feasibility

The National Iranian Oil Company has commissioned South Korean gas company KOGAS to undertake feasibility studies to develop Belal Gas Field in Hormozgan Province, southern Iran.

Deputy Oil Minister Rokneddin Javadi made the announcement on the sidelines of a ceremony to sign the memorandum of understanding to implement natural gas projects in Belal Gas Field near Lavan Island, IRNA reported.

The official noted that the agreement, which is a starting point to expand cooperation in the oil industry's upstream sector, calls for carrying out studies on one of Iran's gas fields in the Persian Gulf.

Pointing to KOGAS's extensive experience in undertaking gas initiatives in more than 15 counties, such as Mexico, Indonesia, Mozambique and Peru, Javadi said, "Koreans will study the field and submit their proposal on how to develop it. Moreover, as soon as their research is completed , they will inform us whether they are interested in playing a role in liquefied natural projects or not."

The Korean gas giant has already signed cooperation agreements with the National Iranian Gas Company and National Iranian Gas Export Company to construct Iran Gas Trunkline (IGAT 9 and 11) and lay a subsea pipeline through the Persian Gulf to supply gas to Oman on the Arabian Peninsula.

  LNG Projects

The agreement also includes conducting research and development of mini liquefied natural gas projects as well as LNG and compressed natural gas projects.

"Plans have been made to promote collaboration with KOGAS in the field of optimizing energy consumption in compressor stations, refineries and other NIGC installations," Javadi said.

According to Mansour Moazzami, the head of Industrial Development & Renovation Organization of Iran, an unnamed oil and gas Korean company and Industrial Projects Management of Iran Company concluded two agreements to develop and complete South Pars new phases.

Moazzami added that the company had already played a role in implementing Iran's oil projects.

"IPMI currently manages South Pars phases 17, 18 and 14," he said, saying that the Korean enterprise will mostly be active in undertaking offshore projects.

Tehran-Seoul trade is estimated to stand at $6.1 billion in 2015.

South Korea's President Park Geun-hye landed in Tehran on Sunday at the head of a 230-member delegation of the nation's largest companies and organizations.

She met President Hassan Rouhani on Monday in what marks the first visit of a South Korean president to Iran since the two sides established diplomatic relations in 1962.

IDRO, established in 1967, is one of the largest companies in Iran. It is also one of the largest conglomerates in Asia. Its objective is to develop Iran's industrial sector, accelerate the industrialization of the country and export Iranian products worldwide. IDRO owns 117 subsidiaries and affiliated companies both domestically and internationally.