Iran signs oil contract with China

Oil&Gas Materials 6 September 2011 17:41

Azerbaijan, Baku, Sept. 6/Trend/

The National Iranian Oil Company has signed a $260 million contract with China to buy a FPSO ship to accelerate the South Pars' joint oil field layer development plan, the Mehr News Agency reported.

The Chinese company will deliver the ship to National Iranian Oil Company by 2013, Iran previously signed a contract with a Norwegian company however NIOC canceled the deal due to long delay from Norwegian part.

The plan is to produce 35,000 barrels of crude oil per day in region A of South Pars Phase one and drilling 7 well by buying or renting the FSPO ship.

South Pars is shared with the Qatar oil field, which currently pumps out 450,000 barrels.