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Iran's Petropars plans to develop oilfield in Venezuela

TEHRAN, Feb. 26 (Mehr News Agency) -- Iran's Petropars in collaboration with a Venezuelan oil company is planning to develop an oil field in Venezuela.

The formalities required for the presence and operation of the Petropars Oil Co. in Venezuela have been completed and a branch office of the company is already operating in that country, a report quoted Qolamreza Manuchehri, the managing director of Petropars Oil and Gas Co. as saying here on Sunday.

After drilling a number of appraisal wells in the oil field and preparing its Master Development Plan (MDP) the Iranian company and Pedrosa (Venezuela's national oil company) will start the development operation within the next year and a half, informed the official who is also the project manager of the South Pars oil field development phases 4, 5, and 12.

Fifty percent of the $2b contract would be invested by Iran and the rest is agreed to be supplied by the Latin American country, the Iranian oil official also said.

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. The contract had been officially given to 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.

The Mariscal Block is 90-160 meters deep and is slated to provide feedstock for an LNG unit in the oil-rich South American country.

... Payvand News - 2/27/06 ... --

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