TEHRAN, Sept. 26 (Mehr News Agency) -- The Iranian Offshore Oil Company (IOOC) managing director Mahmud Zirakchian told MNA here on Tuesday that following satisfactory negotiations, Iran and Kuwait have decided to jointly develop Arash Oilfield.
Zirakchian also said that the international department of the Iranian Oil Ministry is pursuing the negotiations between Tehran and Kuwait City, adding that "appropriate measures have been taken to encourage preserving the oilfield instead of promoting competitive productions."
Zirakchian further noted that a new contractor has been selected for the NGL project of the Khark Island. "The newly selected contractor is an Iranian company that is scheduled to implement the project on the finance basis, i.e. $1.5 billion."
He went on to say that the contract is concluded for a period of 44 months, adding that by implementation of this project, some 700 million square meters of associated gases that are presently flared every day will be gathered.
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