Iran Economy NewsChina to invest $2.5bn in Iran oilfield

China to invest $2.5bn in Iran oilfield

-

AFP: China is to invest $2.5 billion (1.81 billion euros) in developing Iran’s South Azadegan oilfield that straddles the border with Iraq, Iranian news agency Mehr reported Friday.

TEHRAN (AFP) — China is to invest $2.5 billion (1.81 billion euros) in developing Iran’s South Azadegan oilfield that straddles the border with Iraq, Iranian news agency Mehr reported Friday.

“According to the final agreement, China will invest $2.5 billion in the field,” Mehr quoted Naji Saadouni, president of Iran’s Petroleum Engineering and Development Company (PEDEC), as saying.

The output of the field, currently 55,000 barrels per day (bpd), is expected to reach 320,000 bpd upon completion of the first phase of development, which has already started.

A second phase will boost output to 600,000 bpd.

Saadouni did not specify which Chinese company would undertake the development.

In 2009, the China National Petroleum Corporation (CNPC) and the National Iranian Oil Company (NIOC) signed a $1.76 billion deal to develop the neighbouring North Azadegan field, where they hope to extract 75,000 bpd.

Iran says the Azadegan deposit is one of the world’s biggest, with reserves of 42 billion barrels. It is known as Majnoon in Iraq, where it is being developed by Anglo-Dutch giant Shell and Malaysia’s Petronas.

Chinese oil major, Sinopec, is developing the Yadavaran deposit, which neighbours Azadegan on the Iraqi border in southeast Iran.

Japanese firm Inpex, which first won the tender, withdrew after the international community slapped sanctions on the Islamic republic over its controversial nuclear programme.

Since then, China has filled the vacuum to become a key economic partner to Iran, which produces an average of 3.7 million bpd, according to data from the Organisation of Petroleum-Exporting Countries (OPEC).

Iran’s capacity is around 4.1 million bpd.

Iran has OPEC’s second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia.

Latest news

 Statistics show that New Year accidents’ deaths in Iran reached 585

Ahmad Shirani, the head of the Information and Traffic Control Center of the Iranian regime’s police, announced that the...

Land Subsidence in Critical Conditions in Isfahan

Mehdi Toghyani, a member of the Iranian regime’s Majlis (parliament), pointed to the occurrence of land subsidence in various...

Iran’s Actual Inflation Rate Higher Than Official Stats

The state-run Donya-e-eqtesad newspaper, in a report analyzing the "general sentiment" regarding inflation in 2023, has stated that households...

Iranian Workers’ Monthly $136 Wages Can’t Cover $500 Expenses

The lives of a significant portion of the Iranian population are marked by uncertainty, largely because the Iranian economy...

Iranian Nurses Earn Twice Their Wages in Ride-Hailing Services

Reza Aryanpour, a member of the regime’s Majlis (parliament) Health and Treatment Commission, highlighted the growing trend of nurses...

Iran: Unprecedented Record of 152 Million Liters of Gasoline Consumption Per Day

On March 19, Iran set a new historical record in gasoline consumption with 152 million liters consumed in one...

Must read

Boeing’s Pursuit of Business With Iran Despite Atrocities It Is Involved In

Iran Focus London, 7 Apr - The Obama administration allowed...

Google users in Iran targeted in certificate scam

AFP: A false Internet security certificate has been used...

You might also likeRELATED
Recommended to you