TEHRAN- Iran’s Pars Special Energy Economic Zone (PSEEZ) and the Iranian company of Petropars signed a cooperation agreement with the Italian Interoil Srl, as the foreign investor, on assessing the feasibility of expanding PSEEZ, Shana news agency reported on Thursday.

According to the Managing Director of Petropars Mohammad Javad Shams, the inked document supports explorations activities, offshore and inshore production as well as exports of the products in South Pars gas field in south of Iran.

The official added that it would take the three partners around eight months to conduct the required studies to examine the feasibility of the project.

As he continued, his company and Interoil had previously cooperated on expansion of the Phase 12 of South Pars field.

South Pars field, which Iran shares with Qatar in the Persian Gulf, is estimated to contain a significant amount of natural gas, accounting for about eight percent of the world’s reserves.   

The huge offshore field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers are situated in Qatar’s territorial waters. 

HJ/MA