Iran Signs $740 Million Agreement on Oil Project
TEHRAN, Iran (AP) — Iran’s state-run oil company has signed a $740 million agreement with a Russian-Iranian consortium to develop two oil fields near the Iraqi border.
Under the agreement signed Wednesday, there will be a 48,000-barrel daily production of crude for a 10-year span in oil fields in Aban and West Paidar in the southwest near the border with Iraq. Iran currently produces 36,000 barrels of crude in both fields.
The consortium includes the Russian state-controlled Zarubezhneft Oil Co. and the Iranian private Dana Energy Co.
This is the second energy contract with foreign companies following the landmark 2015 nuclear deal with world powers.
Last year Iran signed a $5 billion agreement with France’s Total SA and a Chinese oil company to develop its massive offshore natural gas field.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments