MNA � Deputy Managing Director of the National Iranian Oil Company (NIOC) for Development and Engineering Affairs Reza Dehghan said on Sunday that development of Balal Gas Field will be assigned to a competent Iranian company through signing and sealing a contract, valued at $440 million.

This contract will be inked with an Iranian company next week, Dehghan added.

With the development of this joint gas field, 500 million cubic feet meter (MMCF) sour gas is produced, he said, adding, �the produced gas is transferred to the Platform C in Phase 12 of the field and then, it is sent to Phase 12 to the refinery through the pipeline for processing operation.

According to this report, Balal Gas Field is located in eastern part of South Pars Gas Field, 90 km southeast Lavan Island.

Signing and sealing this contract is another symbol of reliance of Iranian oil industry to the high capabilities and potentials available in the country.