Iran, China launch new oil talks

TEHRAN, Jun. 25 (MNA) – An official has reported on a fresh round of talks with a Chinese company to implement the second developmental phase of Yadavaran oilfield.

Following the order of Iran’s Oil Minister Bijan Zanganeh to retain China in the second developmental project of Yadavaran oilfield, a new round of negotiations has begun with the East Asian country to determine the rate of Return on Investment (ROI) as well as the implementation timetable.

Executive manager of the Development Project of Yadavaran oilfield Hadi Nazarpour described the talks with the Chinese side saying “China’s Sinopec offered the master development plant (MDP) to develop the second phase of Yadavaran oil field.”

Emphasizing that the details of the development project are currently being negotiated with China, the official estimated that the talks will soon reach a conclusion.

“At the present time, the volume of crude production at Yadavaran field has reached 95 thousand barrels per day,” underlined Nazarpour asserting “75 thousand barrels of the produced crude is of light oil type.”

He recalled that the field’s first phase development project aimed to increase production to 85 thousand barrels per day adding “at the moment, a total of 95 thousand barrels are being harvested from the oilfield which exceeds the envisaged figure by 10,000 barrels.”

On the basis of the plan pursued by the National Iranian Oil Company (NIOC), the second development phase of Yadavaran oilfield required drilling of 105 wells.

Moreover, pipelines and two oil rows will be added to the processing plant in order to realize the aim of producing 180 thousand barrels per day.

Earlier this year, Iran’s oil minister said the development plan of phase II of North Azadegan and Yadavaran oilfields had been handed over to two Chinese companies under an initial contract.

Bijan Zanganeh had made the announcement among reporters following his meeting with Deputy Head of National Energy Administration of China Zhang Yu Ging, in Tehran.

By Mehr News Agency