TEHRAN, Mar. 24. (MNA) – Iran’s oil minister has said Iran and French oil giant Total have signed an accord to develop South Azadegan oil field with articles to remain confidential.


Bijan Namdar Zanganeh told reporters on Thursday that the accord would accelerate the pace of preliminary explorative studies in the oil field; “currently, French Total considers participation in the project,” Mr. Zanganeh told the press. Earlier in March, Zanganeh had told the press about the possibility of a Total involvement in South Azadegan oil field development, predicting a ‘confidential deal’ to be signed as well.

In a related story, Mahmoud Mar’ashi, the project manager and the principle contractor had told Mehr News that projections about the gross total of investments for the 2nd phase of the project hit a figure well below $5bn; along with Total, other partners such as South Korean Hyundai, French Entrepose and Vinci and Japanese Marubeni Corporation would participate as well, he was quoted to have said.

Iran has a daily production of 50,000 barrels of crude from about 30 shared oil fields. The project in South Azadegan oil field will contribute production of 320,000 barrels of crude oil daily which will come from first and second phases of the project.

By Mehr News Agency