Iranian state firm Pars Oil and Gas (POGS) says it has been awarded a contract to develop the offshore Kish gas field. Recoverable reserves have been placed as high as 36 tcf with previous development plans targeting upwards of 5bn cfd (MEES, 9 April 2012). Iran’s Shana news agency says POGS is targeting 85mn cmd (3bn cfd).

This is a hugely ambitious target given the challenges facing Iran’s oil and gas sector under renewed US sanctions which have further deterred foreign firms...