TEHRAN, Iran, July 21
Iran is in talks with China regarding cooperation on the West Karun oil field, Iran's Oil Minister Bijan Zangeneh said, Trend reports via ILNA.
Zangeneh said Iran has held a number of meeting with the Chinese side regarding the West Karun oil field project, and certain agreements were reached.
West Karun, located in southwest Iran, includes Yaran and Mansouri fields as well as Yadavaran, North and South Azadegan joint fields with Iraq.
Zangeneh went on to remind hat a $1.3 billion deal has been signed with the Petropars Company to develop the West Karun oil field and increase the oil output.
"The production of the oilfield will increase from 140,000 bpd to 320,000 bpd, while processing facilities are expected to be established," he added.
Zangeneh also reminded that Iran is to sign a development contract on the Farzad oil field with a domestic company soon, as the main contract signing is in the final stage.
The minister said India will not be involved in development of the Farzad field, as under the current circumstances no foreign country would be willing to sign any contract.
"These companies either have to continue on with their current contracts, or we have to attract domestic companies," Zangeneh said.
"We are ready to sign a contract with any country, and ready for investments, but the external activity is currently low," he said.