"We start talks with the Chinese on North Pars gas field in February," Akbar Torkan, the managing director of Pars Oil and Gas Company -- which is in charge of the project -- told AFP.

"(Negotiating) teams will be set up for four rounds of talks and signing a contract depends on when the talks are concluded," Torkan said.

Iran and China's biggest offshore oil producer, CNOOC, announced having signed on 21 December a preliminary deal to develop Iran's offshore North Pars gas field located in Gulf waters.

Days later, a US congressional committee was set up to review the deal to determine if US sanctions should be slapped on CNOOC.

"Specifically, we will examine whether this agreement activates United States law requiring sanctions against companies involved in Iranian energy development, as is potentially the case here," Congressman Tom Lantos said in a statement at the time.

"Congress recently extended and strengthened the Iran Sanctions Act, as part of legislation which I co-sponsored, and China needs to be warned of the serious penalties it may incur if it pursues implementation of this agreement," he added.

Under the deal, the two parties will work on developing the North Pars gas field for the production of liquefied natural gas, with each party taking 50 percent of any gas recovered.

The investment, however, will come from the Chinese side: 5.0 billion dollars for exploration and production, and 11 billion dollars for downstream activities.

China's booming economy is forcing the country into a global search for energy resources to secure its future growth, and Iran, with its rich gas and oil fields, is one target.

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