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IRAN SET TO SIGN $359 MLN OFFSHORE OIL DEAL WITH PETROIRAN.
TEHRAN, Aug 1 Asia Pulse - Iran is intending to sign a deal, worth US$359 million, within one month with the country's PetroIran firm to triple oil output from the offshore Forouzan-Esfandyar fields to 130,000 barrels per day, press said Tuesday.
The Persian daily Hamshahri cited the head of Iran's Continental Shelf Oil Company Abolqasem Hassani as saying that the development project will raise output in Forouzan to 105,000 bpd from current 45,000 bpd.
The output from Esfandyar field, which Iran shares with Kuwait and Saudi Arabia, will reach 25,000 bpd once the plan is executed, he added.
He said final negotiations with PetroIran were underway for the conclusion of the deal which is of the buy-back type.
Earlier this month, Iran's Oil Minister Bijan Namdar Zanganeh was quoted as saying that PetroIran was intending to join Australian mining and energy group BHP Billiton to develop the two fields.
He was cited as saying that the deal would bind the developers to achieving their target or face penalties.
"They are discussing to finalize the details and we don't ...
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Source: HighBeam Research, IRAN SET TO SIGN $359 MLN OFFSHORE OIL DEAL WITH PETROIRAN.