Tehran, Dec 9, IRNA -Iran and the Chinese company Sinopec here Sunday signed a buyback contract on the development of giant Yadavaran oilfield.
The agreement was signed by Hossein Noqrekar-Shirazi, Iranian Petroleum Ministry's international affairs head, and Zhou Baixiu, head of Sinopec's International Exploration and Production Unit, in the presence of Iran's Oil Minister Gholam-Hossein Nozari.
Based on the contract, the Chinese company is duty-bound to invest in and develop the field, PIN reported.
Sinopec agreed in 2004 to take the lead in developing Yadavaran field and to buy 10 million tons of liquefied natural gas (LNG) a year for 25 years. But talks to finalize the contract have been protracted.
Yadavaran field is expected to produce 300,000 barrels per day of crude.
The field has in-place oil reserves of 18.3 billion barrels, of which 3.2 billion barrels are recoverable, according to Iranian estimates. Its gas reserves amount to 12.5 trillion cubic feet, of which 2.7 trillion are recoverable.
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