Iran has finalized two new contracts and is about to finalize another one on exploration and development of its oil and gas fields, Iranian oil ministry officials announced on Saturday. “The engineering, procurement, construction and finance (EPCF) contract of a 3100-NGL unit worth $1.55 billion has been finalized …,” Managing-Director of the Iranian Central Oil Fields Company (ICOFC) Mehdi Fakour said today. He added that another EPCF contract for the development of Sumar gas field is also being finalized at present, while Phase 2 of Danan Oil Field will be ceded under a buy-back contract. The ICOFC and the Defense Ministry\'s Khatam al-Osia Headquarters signed an EPCF contract in May. Sumar oil field, administered by ICOFC, is forecast to start producing 5,000 b/d which will plateau at 10,000 b/d. The contract involves drilling two wells, building centers for oil and gas separation and transmission, pumping and gathering systems. Located in the western province of Kermanshah, Sumar is estimated to contain 475 million barrels of crude oil in place, 70 million barrels of which would be recoverable. Danan is one of 17 oil and gas blocks in the Persian Gulf.