Azerbaijan, Baku, Nov. 30 / Trend M. Moezzi/
Almost three years after signing a $1.8 billion (19 trillion rial) contract, Iran and China have sped up work on the North Azadegan oil field's development plan with six oil rigs working simultaneously and another scheduled for operation in the next month, according to PANA News.
In 2009, the China National Petroleum Corporation and the National Iranian Oil Company signed a $1.76 billion deal to develop the neighbouring North Azadegan field, where they hope to extract 75,000 bpd. The Azadegan is one of the world's largest oilfields, with estimated reserves of 42 billion barrels.