NIOC prepares three new oil contracts
Three agreements will be signed in the oil sector by the end of the current Iranian year (started 21 March 2002),
Head of the NIOC, Mehdi Mir-Moezzi announced on 30 July. Mr. Mir-Moezzi said that talks are underway to this effect
and tenders will soon be offered for developing the three oilfields.
The first agreement, he said, relates to the development of South Pars oilfield, which will be the last joint
oilfield to be developed. Once operational, the field will reportedly yield 35,000 bpd of oil. The NIOC Chief further
said that a buyback agreement on developing the Cheshmeh-Khosh oilfield is expected to be signed by March.
Iran is holding talks with the Spanish Cepsa on developing Cheshmeh-Khosh oilfield, located in the western part of
the country. The field is projected to produce some 40,000 bpd of oil, he noted.
Mr. Mir-Moezzi also noted that the talks are being held on the development of Bangestan oilfield and an agreement is
expected by December. He added that the area comprises of three oilfields, including Ab-Teymour, Mansouri and Ahvaz.
Some 250,000 barrels of oil are projected to be produced from the field, he said.
The NIOC Chief said that at present, the country has 76 oil and gas fields and the NIOC has signed $ 22 bn worth of buyback accords, 73 % of which pertain to joint fields. He noted that 76 % of the sum has been spent on the development of gas fields. Less than $ 5 bn of the figure has been channelled to oil projects, he said.
