Tehran, Iran, Aug.19
Trend:
Touraj Dehghani, Deputy CEO and Member of the Board at Iranian company Petroleum Engineering and Development Company, announced talks with China's Sinopec Petroleum & Chemical Corporation to develop Phase 2 of Yadavaran Oil field.
Referring to the latest status of the negotiations with Chinese company, Dehghani said that talks are still going slowly, but the process has not stopped, Trend reports citing ISNA.
Yadavaran oil field is located 70 kilometers southwest of Ahvaz city and north of Khorramshahr city in the border area between Iran and Iraq. The length of the field is about 45 kilometers and width has 15 kilometers along the border with Iraq.
Last year, Sinopec, which is China's largest oil refiner, offered $3 billion for joint development of the Yadavaran oil field with the Iranian National Oil Company.
Sinopec, along with CNPC, the Chinese state-owned oil giant, has invested heavily in Iran's oil industry as their domestic production has declined.
Yadavaran Oil Filed containing the 3.1 billion barrels of oil reserves is one of the largest undeveloped fields in the world.
The reserves of North Azadegan, another large oil field, are estimated at 5.7 billion barrels.
Sinopec has already invested $2 billion in the development of the Yadavaran Oil field, producing about 115,000 bpd, while North Azadegan Field, run by the National Iranian Oil Company and CNPC, increased its production to 75,000 bpd two years ago.