Lavan Island in south Iran seems poised to become the country's third major petrochemical hub upon conclusion of contract for the development of the giant Lavan gas field within the next 54 months. National Iranian Offshore Oil Company (NIOOC) has inked a US$6 bln deal with a domestic corporation, Sepehr Energy, to develop the Lavan gas field and build a petrochemical complex in the island as well.
Lavan field has 9.5 trillion cubic feet of in-place natural gas, 6.2 trillion cubic meters of extractable gas reserves, and 62 mln barrels of condensate. It is expected to produce 750 mln cubic feet of natural gas and 11,000 bpd of condensate. Iran holds the world's third-largest proven oil reserves and the second-largest natural gas reserves.