Iran awaits foreign investment in oil fields
Tuesday, 12 January 2010
TEHRAN, Jan 11 (Commodity Online): Tehran is awaiting investment decisions from the Qatari National Bank before moving on plans to develop the Esfandiar oil field, executives said.
Iranian Offshore Oil Company Director Hossein Jafari said Tehran was waiting for Qatar to approve $572 million in investments to finance projects in the field along the southern border of the country, Iran's Press TV reports.
In 2009, the director noted Iranian market regulators had looked to investors to back 85 per cent of the developments at Esfandiar but added in this case Qatar would finance the whole project.
Iran struggles with developing its oil and gas reserves because of credit concerns and problems stemming from sanctions backed by Western nations over its controversial nuclear programme.
The Esfandiar and Forouzan oil fields straddle the border with Saudi Arabia, though Riyadh has exploited much of those reserves. Esfandiar is an extension of the Lulu field in the neutral economic zone shared by Saudi Arabia and Kuwait.
Tehran stated its intention in 2006 to boost production at both fields from 70,000 to 100,000 barrels per day.
Iranian Offshore Oil Company Director Hossein Jafari said Tehran was waiting for Qatar to approve $572 million in investments to finance projects in the field along the southern border of the country, Iran's Press TV reports.
In 2009, the director noted Iranian market regulators had looked to investors to back 85 per cent of the developments at Esfandiar but added in this case Qatar would finance the whole project.
Iran struggles with developing its oil and gas reserves because of credit concerns and problems stemming from sanctions backed by Western nations over its controversial nuclear programme.
The Esfandiar and Forouzan oil fields straddle the border with Saudi Arabia, though Riyadh has exploited much of those reserves. Esfandiar is an extension of the Lulu field in the neutral economic zone shared by Saudi Arabia and Kuwait.
Tehran stated its intention in 2006 to boost production at both fields from 70,000 to 100,000 barrels per day.