Iran’s North Azadegan joint oil field development accelerated

Iran Materials 30 November 2011 17:41 (UTC +04:00)

Azerbaijan, Baku, Nov. 30 / Trend M. Moezzi/

Iran and China have accelerated the work on the North Azadegan oil field's development plan with 6 oil rigs working simultaneously almost three years after signing a $1.8 billion (19 trillion rial) contract, PANA News reported.

The China National Petroleum Corporation and the National Iranian Oil Company signed a $1.76 billion deal to develop the neighboring North Azadegan field in 2009, where they hope to extract 75,000 bpd.

Azadegan is one of the world's largest oilfields, with estimated reserves of 42 billion barrels.