Iran General NewsIran and China sign oilfield development contract

Iran and China sign oilfield development contract

-

ImageAFP: Iran and China on Wednesday signed a 1.76 billion dollar contract for the initial development of the North Azadegan oil field in western Iran, an Iranian oil ministry official said.

ImageTEHRAN (AFP) — Iran and China on Wednesday signed a 1.76 billion dollar contract for the initial development of the North Azadegan oil field in western Iran, an Iranian oil ministry official said.

The agreement between China National Petroleum Corporation (CNPC) and the National Iranian Oil Company (NIOC) foresees production from the field reaching 75,000 barrels a day in four years' time, the official said.

If that timetable is maintained, Iran may award CNPC the contract for the second phase, when production is scheduled to double.

The north Azadegan field is in Khuzestan province on the border with Iraq and has reserves of about six billion barrels of oil.

Western oil companies have refused to invest in Iran because of the controversy over its nuclear energy programme and Tehran has increasingly turned to Asian companies.

Outline agreements have been signed with several Asian companies but the deal between CNPC and NIOC is the first major oil sector contract finalised in recent years.

CNPC this month began work on developing the Al-Ahdab oil field in Iraq following the signing of a three billon dollar contract.

Latest news

Ebrahim Raisi’s Lies About Iran’s Economy

In a recent TV interview, Iranian regime president Ebrahim Raisi presented economic statistics rejected by experts and the media...

To Stay in Power, Iran’s Regime Liquidates National Assets

For several decades, Iranian regime supreme leader Ali Khamenei has sold Iran's resources and wealth for the survival of...

Iran’s 2023 Budget Shrouded In Doubt

On January 22, the Majlis (parliament) approved the draft of the 2023 budget bill proposed by regime president Ebrahim...

Iran: People of Khoy Still Reeling From 5.9-Magnitude Earthquake

An earthquake with a magnitude of 5.9 struck northwest Iran on Saturday, killing at least three people and injuring...

Iran’s Unsolvable Air Pollution Problem

Air pollution will remain at dangerous levels and will increase for the next few days in most big cities,...

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Must read

White House considers listing IRGC as terror group

Iran Focus London, 9 Feb - The White House is...

Protests Across Iran This Week

By Pooya Stone There are reports of various protests...

You might also likeRELATED
Recommended to you