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Iran, foreign investor close to $2B deal on 3 oil fields

Business Materials 10 May 2017 13:11 (UTC +04:00)
Iran’s government-owned IDRO (Industrial Development and Renovation Organization) has made preliminary agreements with a foreign investor to fund the development of three oil fields, IDRO chief Mansour Moazzami told Trend May 9.
Iran, foreign investor close to $2B deal on 3 oil fields

Tehran, Iran, May 9

By Mehdi Sepahvand –- Trend:

Iran’s government-owned IDRO (Industrial Development and Renovation Organization) has made preliminary agreements with a foreign investor to fund the development of three oil fields, IDRO chief Mansour Moazzami told Trend May 9.

On May 8, IDRO signed a memorandum of understanding with the National Iranian Oil Company (NIOC) to carry out studies for development of three oil fields.

"We will soon introduce the foreign investor to the NIOC," Moazzami said, but did not mention the name of the investor.

Under the recent MoU, IDRO will undertake studies on Susangerd, Cheshmeh-Khosh and West Paydar oil fields for development and increasing oil recovery rate.

Moazzami said the three fields are set to reach a joint output of 150,000 barrels per day after development. He added that close to $2 billion is needed for the projects to be carried out.

#

Oil fields

Type

Oil in place

BSTB

Current production

KBbl/d

Total estimated production

KBbl/d

API

1

Susangerd

Onshore

6.996

0

30

16-22-22

2

West Paydar

Onshore

0.952

28

To be proposed by contractor

28

3

Cheshmeh-Khosh

Onshore

3.740

72

To be proposed by contractor

72

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