Zarubezhneft inks deal for Iran oilfields

Iran

TEHRAN, March 15, 2018 – Russia’s Zarubezhneft signed a deal on Wednesday to develop two oilfields in Iran, marking the first such deal for Iran since a Total-led consortium entered the South Pars gasfield in mid-2017.

The agreement is valued at USD 742 million and will see the Russian company enhance production at the Aban and West Paydar fields, international media reported. Work will be undertaken with an Iranian partner, Dana Energy.

The fields are among those Iran shares with Iraq along its western border, which have been marked as a top priority for production efforts by the country’s Ministry of Petroleum.

The ministry’s news portal, Shana, reported that the deal targets an EOR-driven production hike for the two fields, taking their output from its current 36,000 bopd to 48,000 bopd.

In July 2016, Zarubezhneft had signed an MoU with the National Iranian Oil Company to undertake a study of the two fields.

Dana Energy is a private oil and gas company working in the fields of E&P, upstream services and energy trading. Read TOGY’s latest interview with the company here.

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