September 11, 2008

Iran to Hold Tender for 14 Oil & Gas Fields

Text of report in English by Iranian conservative news agency Mehr

Tehran, 10 September: Iranian Central Oil Fields Company will hold an international tender next week for the development of 14 oil and gas fields, ICOFC manager of engineering and construction department said here on Wednesday [10 September].

It is estimated that the tender will attract about $5 billion for the development of these 14 oil and gas fields, Mahmud Borzu explained, PIN [Petroenergy Information Network] reported.

The National Iranian Oil Company's board of directors has issued permission to hold the tenders, he said, adding that the fields are expected to produce 120,000 barrels of oil and 67 million cubic meters of gas daily.

The financial resources for the development of these 14 oil and gas fields will be funded through finance or buy-back method, ICOFCs Managing Director, Ali Reza Zeyghami explained, emphasizing that the financial resources outside NIOC are preferred.

Originally published by Mehr news agency, Tehran, in English 1620 10 Sep 08.

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