Iran finalizes energy contracts with China and Belarus

Nov 20, 2009 01:00 AM

Iran grants development of huge oil and gas fields to international companies from China and Belarus. The contracts were signed between Iranian oil company officials and China's Sinopec and Belarusian Company Belarusneft.
The first contract envisions production of 110,000 barrels of oil from the Yadavaran oil field in Khuzestan, southern Iran near the Persian Gulf.

Sinopec is China's largest oil refiner and has branches around the world. Belarusneft is Belarus's largest state owned company based in Minsk. Iran and China's Sinopec already signed a $ 2 bn agreement in 2007 for the development of the giant Yadavaran oil field.
Most of Iran's international energy contracts are in the form of buy-back agreements. Sinopec Group, the state-owned parent of Sinopec Corp., agreed in October 2004 to develop the Iranian oilfield and to buy 10 mm tons of liquefied natural gas every year for 25 years in a deal worth as much as $ 100 bn.

Iran's Yadavaran oil field is considered one the largest untapped reserves in the world today. The field contains, at minimum, 3.2 bn barrels of recoverable reserves with an additional 2.7 tcf of natural gas in place.
NIOC also granted the development of Jofeir field to Belarusneft. The two parties signed a contract for development of the oilfield in September 2007. Jofeir oilfield is located near the Iran-Iraq border and it could produce up to 30,000 bpd of crude oil and 6.3 mm cf of natural gas per day.

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