Iran General NewsSpain's Repsol YPF to prospect in Iran: report

Spain’s Repsol YPF to prospect in Iran: report

-

AFP: Spain’s leading energy group Repsol YPF has signed a 27-million-dollar (21.6-million-euro) deal with Iran to obtain prospection rights in two fields over the next 30 months, the financial newspaper Expansion reported on Monday. A Repsol YPF statement confirmed the firm would prospect at Mehr and Foruz, near Kish Island off the port of Bushir in the southern Persian Gulf, with the total project covering 14,600 square kilometres (5,000 square miles). AFP

MADRID – Spain’s leading energy group Repsol YPF has signed a 27-million-dollar (21.6-million-euro) deal with Iran to obtain prospection rights in two fields over the next 30 months, the financial newspaper Expansion reported on Monday.

A Repsol YPF statement confirmed the firm would prospect at Mehr and Foruz, near Kish Island off the port of Bushir in the southern Persian Gulf, with the total project covering 14,600 square kilometres (5,000 square miles).

Repsol, which is already present in the region with operations in Dubai and Saudi Arabia, also confirmed Expansion’s report that the contract could be extended by one year depending on how the prospection turns out.

Last month, Repsol YPF and Anglo-Dutch giant Shell signed a framework deal with Iranian state company National Iranian Oil Company (NIOC) to extract liquified natural gas in Iran.

According to the newspaper El Pais that deal is worth 3.25 billion euros (4.0 billion dollars) but the companies did not confirm the figure for the deal, which is due to come on stream in 2010 with annual production of seven million tonnes as well as one million tonnes of liquefied gas petroleum.

Latest news

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...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Iran’s Regime Is Hiding Human Rights Violations In Its Prisons

With more than four months into Iran’s latest round of nationwide uprisings, the brutality of the Iranian regime’s security...

Must read

Bush urges unity on Iran

Reuters: U.S. President George W. Bush urged European allies...

FACTBOX-Ties binding China and Iran

Reuters: China has informally asked its energy companies to...

You might also likeRELATED
Recommended to you