Companies invited to oil sector, Iran says

6 Jul 2017   Iran

Invitations have been sent out to verified companies to take part in the development of the inland Azadegan oil field, Iran’s oil minister said Wednesday. Iran shares borders with Iraq in the Azadegan oil field, which is estimated by Iran to hold around 6 billion barrels of recoverable oil reserves. Past contracts with China National Petroleum Corp. were torn up because the Chinese side wasn’t meeting Iran’s expectations. Iranian Oil Minister Bijan Zangeneh said Wednesday the process has started to bring foreign energy companies back into the fold. “Some verified companies have been invited,” he was quoted as saying by the official Islamic Republic News Agency. Zangeneh in May said Iran “will hopefully” sign the first […]

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