TEHRAN, Iran, May 18. Iranian Offshore Engineering and Construction Company has signed an agreement with an international company to develop phase 2 of the South Pars oil field to increase production by 10,000 barrels of oil per day, Managing Director of Pars Oil and Gas Company Mohammad Moshkinfam told Trend.
"The two companies are making the preparations for the implementation of the contract soon," he said.
Moshkinfam pointed out new investments in the South Pars gas field including the IPC contract between Petro Pars and Iranian Offshore Engineering and Construction Company.
According to the official, Iran is seeking foreign investment and had negotiations with China that have yet to reach a result.
He went on to say that it is possible that China would return to South Pars if sanctions are lifted.