CNOOC, Iran deal kept under wraps

UPI: Details of a deal between China National Offshore Oil Corp. and Pars Oil and Gas Co. on the North Pars field are being kept under wraps to avoid scrutiny. United Press International

BEIJING, Feb. 29 (UPI) — Details of a deal between China National Offshore Oil Corp. and Pars Oil and Gas Co. on the North Pars field are being kept under wraps to avoid scrutiny.

SinoCast reported that the deal with Iran, worth about $16 billion, has been in the works for more than a year, but details aren’t being released because of scrutiny from other countries involved with sanctions against Tehran.

The gas field has reserves of 89 trillion cubic feet and a daily production capacity of 12 trillion cubic feet. Iran plans to export the natural gas of North Pars to China in LNG form.

Iran is China’s third-largest oil supplier. Its crude oil reserve is the second largest only next to Saudi Arabia, and natural gas reserves also rank second in the world, following Russia.