ID :
212441
Wed, 10/12/2011 - 13:44
Auther :
Shortlink :
https://oananews.org//node/212441
The shortlink copeid
Iran Inks $1.9bln Deal with Local Firm to Develop Azar Oilfield
TEHRAN (FNA)- The Iranian Oil Industries' Engineering and Construction (OIEC) Company signed on Tuesday a 1.9 billion dollar contract with a domestic consortium to develop the on-shore Azar oilfield.
According to the agreement, the oil field will be developed in six years and it will produce 50,000 to 65,000 barrels of light crude per day for a period of 25 years.
The contract was inked with the local contractor after Russia's Gazprom failed to implement the project.
"Unfortunately Russia's Gazprom failed to fulfill its commitment and ignored ultimatums of the National Iranian Oil Company," NIOC managing director Ahmad Qalebani said. "We decided to end our cooperation in the Azar oilfield and give the project to domestic contractors."
In 2009, Iran signed preliminary agreement with Gazprom Neft, Gazprom's oil unit, for a potential contract of $2 billion to develop the field. Azar is a cross-border field shared with Iraq, where it is called Badra. Reserves on both sides total 400 million barrels.
Iran's 2011 proved oil reserves 155 billion barrels in April.
Crude oil production in Iran in 2010 totaled 4.3 million barrels per day - up 46,000 bpd from its 2009 production of 4.2 million bpd - an increase of 1.1 percent.
Gas production also climbed 5.6 percent to 138.5 billion cubic meters from 131.2 billion cubic meters in 2009.
According to the agreement, the oil field will be developed in six years and it will produce 50,000 to 65,000 barrels of light crude per day for a period of 25 years.
The contract was inked with the local contractor after Russia's Gazprom failed to implement the project.
"Unfortunately Russia's Gazprom failed to fulfill its commitment and ignored ultimatums of the National Iranian Oil Company," NIOC managing director Ahmad Qalebani said. "We decided to end our cooperation in the Azar oilfield and give the project to domestic contractors."
In 2009, Iran signed preliminary agreement with Gazprom Neft, Gazprom's oil unit, for a potential contract of $2 billion to develop the field. Azar is a cross-border field shared with Iraq, where it is called Badra. Reserves on both sides total 400 million barrels.
Iran's 2011 proved oil reserves 155 billion barrels in April.
Crude oil production in Iran in 2010 totaled 4.3 million barrels per day - up 46,000 bpd from its 2009 production of 4.2 million bpd - an increase of 1.1 percent.
Gas production also climbed 5.6 percent to 138.5 billion cubic meters from 131.2 billion cubic meters in 2009.
