TEHRAN, Sept. 5, (MNA) -- Petroiran Development Co. (PEDCO) and Belarusneft here Wednesday signed a contract in the presence of Iran's Oil Ministry caretaker and Belarus ambassador to develop Iran's Jofair oilfield. PEDCO Managing Director Seyyed Ali Beheshtian and his Belarusian counterpart Alexander Lyakhov inked the contract. Jofair field holds over 2.1 billion barrels of oil in situ and Belarusneft is to put the development plan into action from the next two months. According to the newly amended buyback contract, Belarus is in charge of developing Phase 1 of Jofair and deriving 15,000 barrels from the oilfield per day, said the caretaker in the ceremony. A consortium of two oil companies has been formed for developing the oilfield, said Nozari, adding the amount invested in phases 1 and 2 is each 250 million dollars. The project value is not final yet and is set by tender and the Economic Council. Iran-Belarus protocol on development of Jofair was signed last year during Iranian president's visit to Belarus, said the project manager. Naji Saaduni added four wells were drilled in Jofair oilfield during 1975-1978 and National Iranian Oil Exploration Company carried out seismographic operations in 2003.