Saipem said in a release on Tuesday that the agreement would cover the potential development of the Toos field development, located about 100 kilometres north-east of Mashhad, Iran.
The gas field holds over 60 billion cubic metres of in-place resource and has the capacity to produce around 4 million cubic metres per day of gas.
The project would involve the drilling of five firm well plus two optional wells and the design and construction of all upstream gas production facilities, as well as for transportation and processing.
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