January 14, 2009

China to Develop Big Iran Oil Field

China National Petroleum Corp. signed a deal to develop the south Azadegan oil field in southwestern Iran. In return for the investment, CNPC will get access to 75,000 barrels/day for approximately 4 years with a second stage development deal thereafter. The area is near the giant Azaegan oil field Iran's largest undeveloped reserve. Japanese investors were forced out of development by US pressure in 2006. Now China seems well placed to exploit the 6 billion or so barrels believed underground...

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