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Vietnam in talks with Iran for $1.2B oil contract

Source: Mehr News Agency, Tehran

A domestic consortium and Vietnam Oil and Gas Group (PetroVietnam) may sign a $1.2 billion worth of contract for developing the third phase of Darkhovin oilfield in southwest Iran, the managing director of Iran's Petroleum Engineering and Development Company, Naji Sa'douni, said in Tehran on Saturday.

It is expected that the development contract would be signed within the next two months.

The second development phase of Darkhovin oilfield officially came on stream on February 8.

The oilfield's second phase came on stream at the cost of $1.3 billion and will increase the field's production capacity from 50,000 barrels per day (bpd) to 160,000 bpd. Some 280 million cubic feet of natural gas will also be produced in the field.

By completion of the field's third phase, Darkhovin's production capacity will reach 200,000 barrels per day in five years.

The first phase of Darkhovin development plan had come on stream in 2005.

The first two phases of Darkhovin oilfield, located near the Iraqi border, was jointly developed by Italy's oil and gas group Eni and Iran's Naftiran Intertrade Company (NICO).

... Payvand News - 02/13/11 ... --

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