PRESSS_URL -- The China National Offshore Oil Corp. is still in talks with Iran on joint development of the North Pars gas field in the Persian Gulf.
"The two sides are still in talks on the issue," CNNMoney quoted a source close to the situation as saying.
The National Iranian Oil Company (NIOC) and the China National Offshore Oil Corporation (CNOOC) had agreed to sign a deal last year.
The agreement, drafted in four phases, calls for CNOOC to invest $16 billion to develop the natural gas field in exchange for 50 percent of the field's liquefied natural gas (LNG) production.
In February CNOOC and Iran's Pars Oil and Gas Company were about to clinch the final contract but was postponed to a later date.
The source cited "international sensitivity" as reason behind delay in signing the contract, without providing further details.
... Payvand News - 04/03/08 ... --