Saipem Signs MoU for Toos Gas Field Project in Iran

Italy’s Saipem on Monday signed a MoU for potential cooperation on the Toos gas field development project in Iran.

The MoU was signed by Saipem Chief Executive Stefano Cao and Ali Yadghar, Managing Director of Razavi Oil & Gas Development Company during the official state visit to Iran of the Italian Prime Minister, Matteo Renzi, the Italian company said.

The gas field, holding over 60 billion cubic meters of gas in place, has the capacity to produce some 4 million cubic meters of gas per day. The development project encompasses the drilling of 5 firm plus 2 optional wells, and the design and construction of all upstream gas production facilities and those for transportation and processing.

This new agreement follows those signed in January with the National Iranian Gas Company (NIGC) for discussions regarding potential cooperation over pipeline projects, and with Parsian Oil & Gas Development Company regarding the revamping and upgrading of the Pars Shiraz and Tabriz refineries, and is set to further cement Saipem’s long-standing historical relationship with Iran.