Petropars has the buy-back development contracts for the estimated $2,650 million scheme. Each phase is set to produce 1,000 million cubic feet a day of gas and 40,000 barrels a day of condensate.

The UK’s Enterprise Oilin late 2000 took a 20 per cent stake in the development (MEED 5:1:01). However, Enterprise is now re-evaluating its position in the project, citing unattractive contract terms. Norway’s Statoilhas expressed an interest in taking a major stake in the project, but no agreement has so far been concluded.