North pars
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The North Pars gas field is located 85 kilometers north of the giant South Pars gas field in the Persian Gulf, and has an estimated 80 trillion cubic feet of natural gas.
China and Iran have signed a memorandum of understanding worth more than $16 billion to develop a giant natural gas field. In late December, China National Offshore Oil Corp (CNOOC) and the National Iranian Oil Company signed the agreement over the development of the North Pars gas field on Wednesday. The deal calls for CNOOC to invest $16 billion to develop Iran's Pars natural gas field in exchange for 50 percent of the field's liquefied natural gas (LNG) production.
Chairman-elect of the U.S. House International Relations Committee Tom Lantos said Dec. 29 that the committee will examine a memorandum of understanding between Chinese national oil company CNOOC and Iran to determine if the agreement merits sanctions for violating the Iran Sanctions Act.
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