|Iran fields to be developed by Sinopec, CNPC
Chinese companies will develop the second phases of two giant Iranian oil fields, Russian news portal sputniknews.cn reported on Tuesday, citing Iranian Minister of Petroleum Bijan Zangeneh.
Sinopec will develop the Yadavaran oil field, and China National Petroleum Corp (CNPC) will develop the North Azadegan one, Zangeneh said on Monday, following a meeting with Zhang Yuqing, deputy head of China's National Energy Administration.
Sinopec and CNPC are two of three State-owned oil giants in China. Once the second phase of the Yadavaran oil field is developed, its output will be 180,000 barrels per day, up 95,000 barrels from the current production level, the Cihan News Agency in Turkey reported on Tuesday, citing Abdolreza Hoseininejad, CEO of Petroleum Engineering and Development Co (PEDEC).
CNPC and Iran's PEDEC have already signed a deal to produce 25,000 barrels per day in the second phase of the North Azadegan oil field, according to the Cihan News Agency.
Early in 2009, CNPC signed contracts with Iran to develop the North Azadegan oil field, but work was interrupted by Iran's nuclear crisis.