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CNPC new oil project in Iran
It was reported by Iranian Muslim Republic News Agency that China National Petroleum Corporation (CNPC) and the National Iranian Oil Company (NIOC) had signed a US$ 1.76 billion agreement allowing CNPC to develop the North Azadegan oil field in Iran''s western province of Khuzestan.
Both Iranian oil minister and Chinese Iran ambassador were present at the agreement-signing ceremony. Under such agreement, CNPC would drill the North Azadegan oil field and whole project would be completed by two stages.
Azadegan oil field was discovered in 1999 in Khuzestan Province west of Iran to be one of the largest oilfield in the world, the oilfield has an estimated reserve of 6 billion barrels of oil and can produce 75,000 barrels per day for 25 years.
Iranian oil minister indicated that daily yielding volume of Azadegan oil field would be up to 150 thousand barrels after the completion of two-staged development project.
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