MSC wins contract to develop Madar gas field

Mobarakeh Steel Company (MSC), Iran's largest steelmaker, has been awarded a contract by the Oil Ministry to develop the Madar gas field near Asaluyeh, the country's main gas hub on the Persian Gulf coast.

The USD 595 mln project marks the first time Iran's metals industry is directly contributing to upstream oil and gas development. MSC will drill 20 wells and build production facilities, including around 100 kilometers of pipelines, with a 20-year target of producing 65 bln cubic meters (bcm) of gas and 127 mln barrels of condensate.

Discovered in 2009, the Madar field holds an estimated 500 bcm of proven gas reserves, 80pct of which are recoverable, alongside 685 mln recoverable barrels of condensate.