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Iran: Norwegian company to invest in Ilam's oil, gas sector: Envoy

Ilam, May 23, IRNA-Norwegian oil company Hydro Zagros Iran is prepared to develop the Azar oil and gas field here, Norwegian Ambassador to Iran Ole Kristian Holthe said on Saturday.

The Norwegian ambassador, who was on a visit to Ilam province, made the remarks during a meeting with Ilam Governor-General Ali- Mohammad Azad.

Accompanying the ambassador at the meeting was Torgeir Kydland, general manager of the Norwegian oil company Hydro Zagros Iran.

An IRNA report from Ilam filed on Saturday stands corrected by a fax sent by the Norwegian ambassador received Monday, to wit:

"The total value to Iran and the district of Ilam of the oil reserves in the Azar field of the Anaran Block could presently be evaluated at a total of 10-12 billion US dollars during the lifetime of the project."

Managing Director Kydland expressed his company's readiness to enter into negotiations for the company to sign a development contract with the National Iranian Oil Company on the project based on a "commercialty report which the company has presented to NIOC." The ambassador said the province possesses solid capacity to absorb foreign investment.

The Norwegian company was registered six years ago and is the lead contractor of oil and gas projects in this western province, he added.

He called on Oil Ministry officials to expedite signing of the contract with Hydro Zagros company for the next phase of development of the oil and gas field including production and expansion of Anaran's oil derivatives products.

He further predicted that oil derivatives will start to be supplied to the market when the project is completed in 2010.

Governor-General Azad voiced his province's readiness to provide the necessary support for foreign investment.

He said the province has abundant oil and gas resources, adding that about 13 percent of the country's oil and gas resources are located in Ilam province.

... Payvand News - 5/23/06 ... --

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