Iran's joint petroleum fields not to get much funds

Iran Materials 27 May 2012 15:28 (UTC +04:00)

Azerbaijan, Baku, May 27/Trend M. Moezzi

Despite Iran's desire to accelerate the development of its joint oil and gas fields, only $3.5 billion of its petroleum project contracts will fund those fields.

Since mid-summer of 2011, Iran has signed 15 new contracts and agreements worth $15.5 billion to develop 17 oil and gas fields, the Iranian Students' News Agency (ISNA) reports.

Despite the reached agreements, six of the development contracts signed by Iran aren't finalized yet. Those contracts on the "Farzad A" gas field, the Zagheh heavy crude oil field, the Changooleh oil field and the Kaki, Booshgan and Kooh Mond fields which were slated to be developed by an Iranian-Ukrainian consortium.

Oil Minister Rostam Ghasemi has announced that final decisions about Iran's joint oil and gas fields will be made by mid-September.