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Iran eyes inking new oil deals worth $130bn

Deputy oil minister has estimated that Iran will sign into 11 projects worth 130 billion dollars with international companies in the upstream oil sector.

Iran eyes inking new oil deals worth $130bn
(Tuesday, November 8, 2016) 15:39

Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia said negotiations with several foreign firms are underway parallel to the talks with France’s Total over finalization of the $4.8bn contract for development of South Pars Phase 11.

“Presently, a total of 11 projects are being talked over with credible international companies in the oil and gas industry,” he continued.

The official noted that a number of negotiations have led to sealing of Memoranda of Understanding (MoUs) asserting “in addition to Total, certain talks are underway with BP (British Petroleum), Royal Dutch Shell as well as Russian and Chinese firms.”

“In case of reaching final agreement, the eleven contracts are estimated to be worth about 130 billion dolalrs,” stated Zamaninia adding “these consultations are only being carried out in the upstream oil sector aiming to boost exploration and production (E&P) as well as the recovery factor.”

On the possibility of signing a second developmental contract with France’s Total for development of South Azadegan oilfield, deputy oil minister said “talks are still underway though no final decision has been reached yet.”

Meanwhile, Oil Minister of Iran Bijan Zanganeh has emphasized that “the contract for expanding the second phase of South Azadegan will be assigned to domestic or foreign firms only through tenders.”

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