Azerbaijan, Baku, Nov.14/ Trend G.Mehdi/
Iran's Petroleum Engineering and Development Company has finalised a deal with a consortium of domestic banks and contractors for implementing the third phase of the development of the Darkhovin oilfield, the Fars News Agency quoted Petroleum Engineering and Development Company's managing director Nader Qorbani as saying on Wednesday.
The duration of the deal is 60 months he said, adding that the third phase is projected to be developed within five years.
On September 9, Qorbani told IRNA that the third phase of the development of the Darkhovin oilfield aims to increase output by 60,000 barrels per day (bpd) to 220,000 bpd.
He added that the third phase is aimed to produce 14,000 barrels of light crude and 46,000 barrels of heavy crude per day.
In August 2011, the National Iranian Oil Company and a consortium of Iranian companies signed a $1.6 billion contract to develop the third phase of the Darkhovin oilfield. The oilfield's in-place oil reserve is estimated at over five billion barrels.