Wall Street Journal: China National Petroleum Corp. will retain Iran’s North Azadegan oil-field project for the time being, a top Tehran official said Wednesday, after the company lost the neighboring South Azadegan contract last week.
The Wall Street Journal
By Benoit Faucon
China National Petroleum Corp. will retain Iran’s North Azadegan oil-field project for the time being, a top Tehran official said Wednesday, after the company lost the neighboring South Azadegan contract last week.
The disclosure is good news for Chinese oil companies generally, which have been losing ground in Iran’s oil sector in recent weeks over continuous setbacks.
In an interview with the Wall Street Journal, Ali Majedi, Iran’s deputy oil minister for international affairs, said CNPC “is still working in North Azadegan” despite some delays.
Last week, Iran announced it was terminating CNPC’s South Azadegan contract over repeated delays. The onshore oil-field project borders North Azadegan near Iran’s Western border with Iraq.
