The Darkhovin (or Darquain) field is one of Iran's major recent developments. It was awarded to Eni under a buy-back contract in 2001. The field is located in south western Iran, 40 kilometres from the Abadan refinery. The field's oil reserves are held in carbonate reservoirs of the Cretaceous Fahliyan and Ilam/Sarvak formations. Phase 3 of Darkhovin is part of the 50 oil and gas projects to be offered to local and foreign investors under the Iran Petroleum Contract (IPC).