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FINANCIAL NEWS
Saudi, Iran sign contract to develop Farzad A gas field
08 Jan 2012
(MENAFN) Iran’s Oil Minister, Rostam Qasemi, said that the ministry inked an agreement with Saudi Arabia in order to develop the Farzad A gas field, a joint oilfield between the two countries, reported Tehran Times.
Qasemi added that in the near term, the two countries would ink another deal that aims at developing the Farzad B gas field and the Arash oilfield, both located in the Persian Gulf.
On the other hand, he said that by the end of the current year, 20 deals will be inked to develop joint oilfields, including the South Pars gas field, which is jointly shared by the country and Qatar.
It is worth noting that according to the National Iranian Oil Company (NIOC), at the current time, Iran is extracting around 240,000 barrels per day (bpd) of crude oil from oilfields shared with its neighbors.
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