Following the oil sale contract between Iran and France's Total, the two sides will ink a nondisclosure agreement (NDA) on South Azadegan oilfield within days.
Total S.A. of France remains as the first major company to sign a deal for daily purchase of 160,000 barrels of Iranian crude while the contract is permanent alleviating the need to be renewed every year, managing director of National Iranian Oil Company (NIOC) Roknoddin Javadi said.
Accordingly, NIOC and France's Total will also seal a confidential disclosure agreement in the coming days in order to develop South Azadegan joint oilfield, Iran's Mehr news agency reported.
Iran Minister of Oil Bijan Zanganeh confirmed the launch of talks between NIOC and Total on expansion of the joint field asserting "the confidentiality agreement will soon be inked with Total Company."
"On the basis of the nondisclosure agreement, specialized information of South Azadegan field will be placed at the disposal of the French company," he added.
Project Director of the Development Project of South Azadegan Seyed Mahmoud Marashi underlined "according to preliminary estimates, the expected volume of investment to develop the second phase of South Azadegan would be less than $5 billion."
"Besides Total, negotiations have been conducted with Hyundai Oilbank of South Korea as well as Marubeni Corporation of Japan.
In the current time, about 50,000 barrels of crude oil is being extracted from 30 joint oil fields while the development project of South Azadegan aims a total daily production of about 320,000 barrels.