The Research Institute of Petroleum Industry (RIPI) will finalize the master development plan (MDP) of Tousan oil field in August, Head of Iran’s Offshore Oil Company (IOOC) Mahmoud Zirakchianzadeh said. \"We predict that oil production from the field to reach 25 thousand barrels per day, even though we have reached an agreement with the contractor of the project on the production of 7 to 10 thousand b/d in the first step,\" Zirakchianzadeh told Shana. He said that IOOC has concluded a $450 million contract with Khatam-ol-Osia Headquarters for the development of the field, and added that Kish Oil Company and RIPI are working now to prepare the field’s MDP for August. According to IOOC’s chief executive, the buyback contract of the field will be implemented in 36 months and Sazeh Company is in charge of designs in the project. He said the development plan of the field includes drilling four wells and one offshore platform as well as a 30-km pipeline that will carry oil to onshore treatment facilities. Located Southwest of the Qeshm Island in the Persian Gulf, Tousan oil field extends South to Iran\'s maritime border with the United Arab Emirates (UAE). The in-place oil reserves of the field which was found by Brazilian Oil Company, Petrobras, are estimated at 400 million barrels of which 25 percent is recoverable. The IOOC plans to change Qeshm region, as one of the six energy zones covered by the company, into an oil and gas hub through building the necessary infrastructures and implementing development plans at Hengam, Tousan, Northwest Tousan, Taftan, Hormozha, Gorzin, Salkh, Dostko and Forouz A and B fields.