News ID: 215273
Published: 0206 GMT May 18, 2018

Iran signs contract with Pergas to develop Keranj oilfield

Iran signs contract with Pergas to develop Keranj oilfield

Iran signed a preliminary deal for a consortium of international companies to develop an oilfield, the first such contract since Washington withdrew from a nuclear agreement and said it would reinstate sanctions on Tehran.

National Iranian South Oil Company (NISOC) signed a so-called heads of agreement (HOA) with London-based Pergas, Shana reported.

The consortium seeks to produce 655 million barrels of oil from the Keranj field in Khuzestan Province, southwest Iran, over the next 10 years.

British Ambassador to Tehran Rob Macaire and Pergas Managing Director Colin Rowley were present at the signing ceremony in Tehran.

"We hope that the UK government ... endorses the agreement," said Iran's Oil Minister Bijan Namdar Zanganeh.

He added that he expected European countries to make up for the US betrayal of the nuclear deal, and support Western companies that sign deals with Tehran.

Zanganeh further said oil prices at $60-$65 per barrel would be logical and that he believed the United States was trying to keep prices inflated to support US shale oil growth.

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