Iran News ...


1/17/06

Petropars to open branch office in Venezuela

TEHRAN, Jan. 16 (Mehr News Agency) -- "Petropars Company has been awarded with an oilfield development contract in Venezuela and we are going to establish a branch office there next month," executive director of the company Gholamreza Manuchehri stated on Monday.

He also said that a team of experts from Petropars will soon be dispatched to Caracas to conduct further studies on the field and its status. Moreover, he stipulated that the cost of this 50-50 heavy crude project, located in the Gulf of Venezuela, is estimated at $2b and the work to assess the amount of oil will be carried out by joint cooperation of Iranian and foreign consultants.

In another development, the director pointed out that the Petropars and Pedrosa (Venezuela's national oil company) had earlier inked a memorandum of understanding (MOU) on several joint explorations in Mariscal and two other potential offshore gas fields to be officiated after three months. It seems that Mariscal Block, with depth of 90-160 meters, is nominated to provide feedstock for an LNG unit.

... Payvand News - 1/17/06 ... --



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