Iran News ...


8/27/06

Development of Bangestan oilfield may be offered to Iranian firm

TEHRAN, Aug. 27 (Mehr News Agency) - The managing director of Oil Engineering and Development Company (MATN) said that if the company reached an agreement with Pars Tat Co., it would offer the contract to develop the Ahvaz-Bangestan Oilfield to the Mostazafan Foundation (MF) of Iran, the Persian service of Iran's Petroenergy Information Network (PIN) said on Sunday.

The official also commented on the development of North Azadegan and Jofeir oilfields and said that his company had earlier signed a Memorandum of Understanding (MoU) with the Chinese oil company CNPCI. Based on the MoU, he added, the Chinese side had agreed to carry out its surveys on the heavy crude oil extraction from the fields.

However, he explained, the Chinese side had failed to meet its commitments to that effect because it stressed the need for some revisions in the master development plan (MDP) of the fields.

Azadegan, discovered in 1999, represents Iran's largest oil discovery in 30 years, and is located onshore in the southwestern province of Khuzestan, a few miles east of the border with Iraq. Reportedly, Azadegan contains proven oil reserves of 26 billion barrels.

... Payvand News - 8/27/06 ... --



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