CNPC clinches deal to develop Iranian gas field

China National Petroleum Corp (CNPC), the country's largest oil and gas producer, has clinched a deal to develop phase 11 of Iran's South Pars gas project, and beef up its oil and gas operations in the country that holds one of the world's top oil and gas reserves, an industry official told media.

CNPC will start drillings in the gas field as early as March to evaluate the reserves, after its initial overall development plan won Tehran's approval near the end of last year, pushing ahead the mega-project worth $4.7 billion after a preliminary pact was sealed last June.

"The real work will start as soon as after the Chinese New Year holiday," said the official familiar with CNPC's international operations.