Tehran: BP ready to invest in Iranian oil fields

Tehran: BP ready to invest in Iranian oil fields

Baku, Azerbaijan, June 11

By Fatih Karimov - Trend:

BP has expressed readiness to invest in development of certain Iranian oil fields, Rokneddin Javadi, Iran's deputy oil minister, said.

Talks with the British company are underway for cooperation in oil fields' development, boosting recovery rate at old fields, and research projects, Javadi said, Mehr news agency reported June 11.

The two parties are also negotiating to resume Iran's crude oil sale to the company, Javadi, who heads the National Iranian Oil Company (NIOC), said, adding no agreement has been reached on the issue yet.

BP also has expressed readiness to reopen its office in Iran, Javadi said, forecasting that the British firm's office will resume its activities in Tehran in summer.

BP and NIOC jointly share the Rhum gas field in the North Sea with an equal share distribution of 50 percent.

Operations were suspended at the field in November 2010 after the EU introduced sanctions against Iran.

According to the estimates provided by BP, the Rhum field contains 800 billion cubic feet of gas and accounts for about 4 percent of the UK's annual gas production.

Since the sanctions were lifted in January, Iran has increased the crude oil export to 2.2 million barrels per day aiming to redeem its previous place in the world market.

Iran's oil output also reached 3.5 million barrels per day in April, according to the OPEC.

Subscribe to Trend in Google News! Subscribe
Azerbaijan supports all int’l efforts to ensure transparency in extractive industries – minister
Azerbaijan supports all int’l efforts to ensure transparency in extractive industries – minister
Iran intends to increase exports through Astara
Iran intends to increase exports through Astara
Azerbaijan shares data on oil transported via BTC pipeline in 9M2021
Azerbaijan shares data on oil transported via BTC pipeline in 9M2021
Loading Bars
Latest
North Korea confirms it launched SLBM
Israel says Abu Dhabi crown prince invites Israeli PM for 1st official visit
Volkswagen executive sees global chip shortage running well into 2022
Azerbaijani Foreign Ministry makes Twitter post in connection with anniversary of liberation from occupation of Zangilan (PHOTO)
Chronicles of Victory: President Ilham Aliyev addresses the nation due to liberation of Zangilan on October 20, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 20, 2020
U.S. workers face layoffs as U.S COVID-19 vaccine mandates kick in
21 passengers escape plane safely after crash in Texas, officials say
Facebook to pay up to $14.25 mln to settle U.S. employment discrimination claims
Azerbaijan discloses names of returned Armenian servicemen
Uzbekistan exports $625 million worth of fruits and vegetables in 9 months
UK records highest daily COVID death toll since early March
Ukrainian Bees Airline plans to launch Odessa-Tbilisi-Odessa flights starting October 22
Iranian official dismisses 'tensions' at Astara customs, says activity with Azerbaijan soars
Turkmenistan starts rice harvest in Dashoguz region
Azerbaijan supports all int’l efforts to ensure transparency in extractive industries – minister
Refining activity of Iran's Fajr Jam Gas Refining Company soars
Iran’s Persian Gulf Petrochemical Industries Corporation sets new record
Azerbaijan's defense minister visits newly established commando military unit (PHOTO/VIDEO)
Iran’s PMO declares data on load/unload operations in Jask Port
Iran intends to increase exports through Astara
Turkey reveals cargo traffic via its ports from Portugal for 8M2021
Exports of Iran to Kyrgyzstan booming
President Ilham Aliyev receives Croatia's Minister of Foreign and European Affairs (VIDEO)
Iran's Energy Exchange announces products to be on sale on October 20
President Ilham Aliyev expresses condolences to President Recep Tayyip Erdogan
Iran’s Bahar Azadi gold coin price rebounds
Azerbaijan transfers captured Armenian servicemen back to Armenia
Uzbekistan plans to exempt import and sale of meat products from VAT
Turkey shares data on maritime cargo shipment with Russia for 8M2021
Azerbaijan shares data on oil transported via BTC pipeline in 9M2021
USAID to provide additional funds for Kazakhstan to fight COVID-19
Turkey announces data on cargo traffic with Italy for 8M2021
Kazakhstan imposes export restrictions for some timber types
Azerbaijan names locations of future national parks in liberated territories
Azerbaijan demands certain steps from Armenia at UN International Court of Justice
Iran’s 9M2021 Turkish cement imports up
Iran to host meeting on economic co-op with Turkmenistan
Georgian foreign trade turnover increases
Iran increases petrochemicals production
Kazakhstan sees increase in number of open trading accounts
​Iran allocates more funds for oil and gas projects in Ilam Province
Turkey unveils data on cargo traffic via its ports from Spain
Georgia's domestic export up in 9M2021
Value of Turkish cement exports to Georgia for 8M2021 down
Turkey shares data on cargo traffic with Greece for 8M2021
Turkey reveals cargo volume handled from Egypt in 8M2021
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 2,102 more COVID-19 cases, 863 recoveries
Cargo traffic on Azerbaijan's section of TRACECA for 8M2021 revealed
IMF lowers breakeven oil price level for Azerbaijan
Saudi index hits 15-year peak as most Gulf bourses gain
Israel's Bank Mizrahi Tefahot to issue $1.1 bln of CPI-linked bonds
Iran seeks to complete semi-finished project related to Lake Urmia's revitalization
Iran imports trucks to renovate transportation fleet
IMF revises up forecasts for Azerbaijan’s non-oil GDP growth
Iran`s domestic appliances production increases
IMF reveals forecast for Azerbaijan’s annual inflation
Iran's imports from neighboring countries up
Turkey discloses volume of cargo shipment via its ports from Singapore for 8M2021
Hungarian companies to attend Rebuild Karabakh EXPO
Azerbaijan raises gas exports via BTE pipeline
IMF predicts growth for Azerbaijan's GDP
Azerbaijani ministry denies rumors about full transition of schools to online lessons
Slovakia interested in deepening relations with Azerbaijan - FM
Turkey reveals cargo traffic with Morocco for 8M2021
Data on cargo shipping between Turkey and Algeria for 8M2021 revealed
Turkey shares data on cargo traffic with Israel for 8M2021
TAP partially stems increase in gas prices – managing director
Iran to sell oil through private sector
Iran started exploration of mining sites in South Khorasan Province
Minister talks preferential loans issued in Azerbaijan since early 2021
Bakcell will be ready to implement eSIM project in Azerbaijan
Iran reveals COVID-19 data for October 19
Iran's steel production increases
Iran eyes to boost domestic production in mining, industrial and commercial sectors
AccessBank eyes increasing loan portfolio mainly in segment of micro, agricultural entrepreneurs - Acting Chairman of Board (Interview)
National bank of Georgia shares data on payment cards issuance
Average mobile internet download speed continues to grow in Azerbaijan - Ookla
Galt & Taggart publishes overview of Georgia's economic growth
USAID selecting Turkmen business projects for co-financing
Eni Turkmenistan Ltd opens tender for supply of wellhead equipment
Azerbaijan exported most of its oil to Italy in 9M2021 - State Customs Committee
Iran ready to attract investment in renewable energy sector - minister
Azerbaijan - supporter of normalization of relations with Armenia, says FM
Azerbaijan, Slovakia eye signing agreement on economic co-op
Slovakia to supply Azerbaijan with de-mining machines in near future
Azerbaijan denies rumors about impeding exports from Iran to Russia
Iran Standards and Quality Inspection Agency releases car quality report
Iran to complete railway transit corridors - RAI
Baku Expo Center to soon open 'Rebuild Karabakh' exhibition
Joint press conference of Azerbaijani and Slovak FMs held in Baku (PHOTO/VIDEO)
VTB Bank in Georgia to back up creation of Nuclear Medicine and Diagnostic Center
Uzbekistan to produce its first electric cars
Turkey's steel export to Uzbekistan surges in value for 9M2021
Turkey shares data for cargo traffic via domestic ports from Ukraine in 8M2021
Azerbaijani, Slovak FMs holding expanded meeting (PHOTO)
Turkmen state concern to buy chemical products via tender
Azerbaijan’s 'Kalbajar' tanker leaves for first voyage
Renewables’ share in global energy supply to increase to over 25%
All news