Iran inks 345 million Euro-oil deal with undisclosed domestic company
Azerbaijan, Baku, Jun.12/ Trend F.Karimov/
The Iranian Oil Ministry has inked a deal worth 345 million Euro, with an Iranian company to develop the Mansouri oilfield in southwest of the country, the Pana News Agency reported.
The Oil Ministry's website has not referred to the name of the company, but said that the deal has been inked as EPCF (Engineering, Procurement, Construction and Finance).
The Persian Oil and Gas Development Company will finance the project, and additionally some 6.3 trillion rials (about $513 million) will be invested in the project.
Mansouri oilfield is located 100 kilometers North of the Persian Gulf coasts and 50 kilometers Southeast of Ahwaz City, the capital city of the oil rich Khuzestan Province.
The oilfield has been yielding 100 thousand barrels of oil per day since completion of its first phase in 2007, according to the Fars News Agency.
Iran sits on the world's second largest natural gas reserves after Russia and is trying to grow its gas production by increasing foreign and domestic investments, especially on its South Pars gas field.
Iran's total in-place oil reserves have been estimated to be more than 560 billion barrels, with about 140 billion barrels of recoverable oil.