TEHRAN, Nov. 8 (Mehr News Agency) - Iran's Petropars will participate in the development project of an oil field in the Gulf of Venezuela once the related contract is finalized, noted here Asghar Ebrahimi-Asl, an official at Iran's South Pars Oil Co.
The agreement to carry out activities in the seventh block of Venezuela's giant oilfield will be signed during the Iranian minister of industries and mines upcoming visit to Venezuela, informed the official who is the project manager of the South Pars oil field development phases 4, 5, and 12, the Persian service of the Iranian Students News Agency (ISNA) reported on Tuesday.
The official had earlier told the news agency that the block being 540 square meters contained up to 18 billion barrels of in-situ heavy oil.
He had also noted that, the contract for the oilfield had been officially given to the Petropars Co. at a session attended by Venezuelan President Hugo Chavez, the Venezuelan oil minister and the managing directors of Venezuela's major oil companies as well as the Iranian oil delegate dispatched by Petropars. In his comments then, the oil official had explained that the Iranian delegation had been provided with the required information and a contract valued at 2 billion dollars at the minimum, would be soon signed.
Petropars and Petroleos de Venezuela (PDVSA) had in the early 2005, signed a pre-contract on an oil project in the Gulf of Venezuela, the offshore gas field of Mariscal and another oilfield with four blocks in the region.
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