Baku, Azerbaijan, Dec. 7
By Fatih Karimov - Trend:
Italy's Eni has officially negotiated with National Iranian Oil Company to participate in the development of Iran's Darkhovin oilfield.
The company wants to invest in the third phase of development of the oilfield, Iran's Mehr news agency reported on Dec. 7.
The Italian company has already invested in the first and the second phases of development of the oilfield before the international sanctions hit the Iranian oil industry.
In July, Eni took delivery of what is believed to be the first tanker of Iranian oil to Italy in two years as part of an existing exemption agreement.
The move underscores a slight easing in heavily restricted trade between Iran and the West following an interim nuclear agreement in November 2013.
The Darkhovin oilfield, located in the southwestern province of Khuzestan, was discovered in 1965. The in-place oil reserves of the oilfield have been estimated at over five billion barrels.
The first two phases of the project are now operational, and the oilfield is currently producing 160,000 barrels of oil per day. The first phase became operational in 2005, and the second phase came on stream in February 2011.
Over $1.3 billion was invested in the second phase of the oilfield.
Iran's oil exports have increased this year partly due to the interim nuclear deal signed between Tehran and six world powers in November 2013.
The interim accord has provided Iran with some sanctions relief in exchange for the country having agreed to limit certain aspects of its civilian nuclear work. Part of the sanctions targeted the Islamic Republic's oil and financial sector.