News ID: 210107
Published: 0327 GMT February 16, 2018

Russians will develop two Iranian oilfields

Russians will develop two Iranian oilfields

Russian companies will begin developing two Iranian oilfields by March 20, said deputy head of the National Iranian Oil Company (NIOC) for Engineering and Development Affairs.

Gholamreza Manouchehri stated that Russia's Zarubezhneft will sign a contract with Iranian Central Oil Fields Company to develop two oilfields in the west of Iran, Tasnim News Agency reported on Friday.

He added that a head of agreement (HoA) has already been concluded by the two sides to develop Aban and Paydar Gharb oilfields.

Meanwhile, turning to the contract with Zarubezhneft, Technical Affairs Director of the Iranian Central Oil Fields Company Ahmad Rajabi said that the company will invest about $350 million on developing the two fields.

According to the contract, a total of 65 million barrels will be added to Iran's recoverable oil reserves in ten years, the official noted.

Iran will also sign a contract with Maersk Oil to develop the second phase of South Pars oil layer, announced Mohammad Meshkinfam, the managing director of South Pars Oil and Gas Company.

Iran plans to extract 80,000 barrels of crude oil from South Pars oil layer and Maersk Oil will cooperate with Iranian companies in developing the project.

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