Companies sign deal to develop Irania’s Zagheh oil field

Dec 19, 2011 12:00 AM

Iranian and Russian companies have signed a contract worth up to $ 1 bn to develop the Zagheh heavy oil field in south Iran, Iran's Petroleum Engineering and Development Company (PEDEC) said.
The deal between PEDEC, the subsidiary of the National Iranian Oil Company (NIOC), and Tatneft, one of Russia's top ten crude oil producers, was signed.

A statement by PEDEC says the deal is worth $ 1 bn, while a newspaper puts the contract value at $ 700 mm. Iranian Oil Minister Rostam Qasemi declined to specify the contract value.
"The contract is still in preliminary stages and its technical details are not ready yet. We hope to be able to estimate and announce its value in two months," the minister was quoted as saying.

The deal was signed by Naji Sadoni, managing director of the Petroleum Engineering and Development Company and Rustam Minnikhanov, the leader of Tatarstan who also heads the Tatneft board of directors.
"By signing the contract, production capacity of the Zagheh oil field is set boost by seven thousand bpd in the first phase and 55,000 bpd in the second phase," a PEDEC statement reads.

Iran is the second largest oil exporter among the OPEC countries and holds the fourth place in the world by oil output.
Oil exports account for about 80 % of Iran's revenues.

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