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IRAN, ISLAMIC REPUBLIC OF : OIEC signed US $1.9 billion deal to develop on-shore Azar oilfield
Publish Date : 18-Oct-2011
The Iranian Oil Industries\' Engineering and Construction Company of Iran (OIEC) inked a US $1.9 billion deal with a domestic consortium, to develop on-shore Azar oilfield.
As per deal, OIEC will develop the oil field in 6-year and it will generate 50,000 barrels to 65,000 barrels of light crude per day for 25-year. OIEC signed the deal with local contractor after Russia’s Gazprom couldn’t execute the project.
\"Unfortunately Russia\'s Gazprom failed to fulfill its commitment and ignored ultimatums of the National Iranian Oil Company. We decided to end our cooperation in the Azar oilfield and give the project to domestic contractors,\" said Ahmad Qhalebani, Managing Director of NIOC.
In 2009, Iran had inked a preliminary deal with Gazprom Neft, Gazprom\'s oil unit for a possible deal of US $2 billion to develop the field. Azar is a cross border field shared with Iraq called Badra. It is expected to have reserves on both sides of about 400 million barrels.
