Azerbaijan, Baku, Nov. 3 / Trend A.Yusifzade /
Iran's Petropars oil firm says it will launch work on the Venezuelan Dobokubi oil field next spring, Press TV reported.
"With the endorsement of the agreement on the Dobokubi oilfield in the Venezuelan parliament in the next two months, the development of the oilfield will commence next spring," Managing Director of Petropars Company Gholam-Reza Manouchehri said.
He said Petropars has a 26-percent share in a joint venture with the Venezuelan state-run oil firm PDVSA, but noted that the bulk of the development work will be done by the Iranian group.
"The production capacity of the part of Dobokubi due to be developed by the Iranian firm currently stands at 14,000 barrels per day which is to be increased to a minimum of 40,000," Manouchehri explained.
The budget required for the development of the Venezuelan oilfield is $2 billion, out of which Iran accounts for $500 million.
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