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Oil Markets Tremble As Chinese Stocks Crash

Oil Markets Tremble As Chinese Stocks Crash

The steep plunge in Chinese…

South Korean Kogas Narrows In On Iranian Gas Field

As post-sanction Iran moves forward quickly with the development of its oil and gas resources, South Korean state-owned energy giant Kogas has secured an MOU with the National Iranian Oil Company (NICO) to work on the Balal gas field in the Persian Gulf.

A memorandum of understanding was signed on Sunday by National Iranian Gas Company Managing Director Hamidreza Araqi and the President of Korean Gas Corporation (KOGAS), Seung-Hoon Lee. The document is designed to boost cooperation in the gas industry.

Related: Why China Is Really Dictating the Oil Supply Glut

Following technical studies in the Balal perimeter, one of Iran’s key gas fields in the Persian Gulf, Kogas will present its proposals for the field’s development to the NIOC. The proposals, Hamidreza Araqi explained, will also consider the production of liquefied natural gas (LNG).

The deal was signed during South Korean President Park Geun-hye’s three-day state visit to Tehran, during which the two countries signed 19 cooperation agreements after meetings between Park and Iranian President Hassan Rouhani.

Kogas has made other inroads into Iranian gas since sanctions were lifted. Earlier, Kogas signed a basic agreement with the NIOC concerning the production and marketing of LNG.

Related: Why Iran’s Shale Oil Discovery Won’t Add To The Glut

Following previous deals, the South Korean enterprise will also provide engineering services for the construction of two key gas pipelines for Iran: The Iran Gas Trunk-Line 7 (IGAT 7) and the Iran Gas Trunk-Line 9 (IGAT 9).

IGAT 7 will transport natural gas from Assaluyeh in southern Iran—an energy hub—to Hormozgan, Kerman and Sistan-Balochistan provinces in the country’s southeast. IGAT 9 will bring gas from Assuluyeh to Iran’s border with Turkey, from where—significantly—it can make its way to Europe and help reduce dependence on Russian gas.

By Charles Kennedy of Oilprice.com

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