The Iran Project

BP to develop two oilfields in Iran

BP Plc tanks stand at the Texas City Refinery in Texas City, Texas, U.S., on Thursday, Sept. 13, 2007. BP Plc increased capital spending at its Texas City plant in each of three years before it exploded in 2005, killing 15 and injuring hundreds, a company refining executive told jurors today. Photographer: F. Carter Smith/Bloomberg News

Tehran, October 7, The Iran Project – According to the agreement between Iran’s Oil Ministry and the British Petroleum, the British company is to develop two oilfields in Iran.

Despite the earlier announcement that the negotiation between Iran Oil Ministry and the British Petroleum is confidential, details of the negotiation is revealed.

Earlier in the negotiations between the Deputy Minister of Petroleum Hossein Zamaninia and the British Petroleum the details of Iran’s new Integrated Petroleum Contract (IPC) were unveiled, in which BP is to develop two oilfields.

While the details of the contract were unveiled to BP, the IPC is not yet clear to the Iranian experts and companies.

Although the Oil Ministry authorities earlier announced the new contracts will be presented to the foreign investors at a conference in London in December, Bijan Zangeneh later said the contracts will be unveiled in Tehran in near future. The conference will disclose the oilfields, projects and the investment contracts to the foreign oil companies.

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