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presstv.ir: Shell Oil may enter Yadavaran oil project

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An Iranian oil official has said Royal Dutch Shell is willing to cooperate with the Chinese firm Sinopec to develop Iran’s Yadavaran oil field.

Talking to the Iranian Shana and ISNA news agencies, the managing director of National Iranian Oil Company (NIOC) said , “NIOC can either sign a deal with these companies as a joint venture or sign a contract with Sinopec and let the Company hold talks with Shell on the project.”

“The Oil Investment Company has recently held talks with Sinopec over this project as well,” he added.

“We have finalized the deal for the Yadavaran project with Sinopec and only some issues regarding the Rate of Return of investment need to be resolved,” the official said.

The NIOC chief also said the order for the early production of the field has already been made and that Arvandan Oil & Gas Company has been chosen for the job.

Sinopec and NIOC signed a Memorandum of Understanding in October 2004 that allows the Chinese firm to buy $100 billion of oil and gas from Iran over 25 years.

The deal also covers the purchase of 150,000 barrels per day (bpd) of crude at the market rate.

The Yadavaran oilfield is estimated to have 17 billion barrels of reserves. Production is expected to reach 300,000 bpd over two phases.

MRD/SF/MR 

Mon, 30 Apr 2007 20:06:01 
http://www.presstv.ir/detail.aspx?id=8117&sectionid=351020103

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