Iran finalises deal with China over largest oil field
Iran's Oil Engineering and Development Company (MATN) has finalised a deal with Chinese contractors for the development of the South Azadegan oil field, located in west of Iran, IRNA news agency quoted MATN managing director Nader Qorbani as saying.
About 180 drilling rigs should be commissioned at the oilfield, Qorbani said, adding that early production is projected to hit 320,000 barrels per day in the first phase, and then increase by 280,000 bpd to reach 600,000 bpd.
He also said that development operations are underway at the North Azadegan oil field. 75,000 bpd of crude is projected to be produced at the field by the next 18 months.
In 2009, the China National Petroleum Corporation and the National Iranian Oil Company signed a $1.76 billion deal to develop the Azadegan field.
The National Iranian Oil Company has said that it will invest 12 billion dollars in the project in the next 10 years, aiming to produce 600,000 barrels of oil per day.
Azadegan is one of the world's largest oilfields with estimated reserves of 42 billion barrels. It is located close to the Iraqi border.
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