Iran urges PetroVietnam to pick up the pace at Danan oilfield

TEHRAN (MNA) - Iranian Oil Minister Rostam Qasemi urged Vietnam Oil and Gas Group (PetroVietnam) to press on with starting seismic operations at the Danan oil block, west of Iran. In August 2008, PetroVietnam signed a four-year contract to explore and develop Iran's Danan Block oilfield. The Vietnamese firm pledged to invest at least $73.92 million in the block. The block is located in the western Kermanshah province and covers an area of 5,470 sq km. The Vietnamese side has so far invested $20 million in the project. So, it should accelerate operations at the oil block, Qasemi said. Qasemi said in August that the oil industry's infrastructure needs more than 500 trillion rials (about $50 billion) of investment to achieve Iran's 20-year economic perspective plan goals. “By the end of the fifth development plan (2015), the country’s oil production must increase to 5.2 million barrels per day (bpd) and this should happen from the country’s joint fields,” Qasemi said.