The engineering, procurement, construction and drilling deal covers the generation of a master development plan, downstream gas plants and drilling of exploration and production wells.

The package is unique as it does not have to be carried out on a traditional buyback basis, with domestic developers or foreign companies with Iranian partners able to bid.

Under Iran’s favoured buyback deals, firms only recoup their costs and a pre-agreed rate of profit once the field has been handed back to the state-run firm, assuming the field produces sufficient supplies.

IOOC says the project is expected to take 12 months.

Earlier this year, the state-run firm tendered the Hormuz and Tasan oil and gas fields while companies also recently submitted prequalifying documents for the giant Lavan gas field (MEED 14:01:08).