Iran News ...


09/06/11

Iran's Esfandiar oil field deal planned

Source: Press TV

Iran will soon sign a contract with foreign firms on developing its Esfandiar offshore oilfield, managing director of the National Iranian Offshore Oil Company (NIOOC) Mahmoud Zirakchiyanzade says.

The official added that currently several international companies have expressed readiness to finance the field, Mehr news agency reported on Tuesday.

"Negotiations are underway with these companies and the contract will be inked this year (current Iranian year started March 21)," Zirakchiyanzade said.

He further explained that the country needs some 400 million euros to develop the oilfield.

Referring to the latest situation with regards to Forouzan oilfield's development, he noted that underwater pipeline laying, which is 100 kilometers long, is now being carried out.

The pipeline will transfer gas extracted from the field (about 250 million cubic feet per day) to Iran's Persian Gulf island of Khark.

Forouzan development plan is aimed at extracting 300 million barrels of oil in a 25-year period.

Esfandiar and Forouzan oilfields are shared by Iran and Saudi Arabia.

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