Iran inks $4bn deals with Sinopec & Belarusneft
Chinese and Belarusian NOCs agree to develop Iranian oilfields
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Two state-owned oil companies from China and Belarus have agreed a US$4 billion deal with Iran to develop the Yadavaran and Jofeir oilfields in the Gulf state according to the Mehr News Agency.
A $2 billion deal for Yadavaran has been signed with the Chinese oil giant Sinopec and will see the company develop the field in two stages,. The first stage will produce 85,000 barrels per day (bpd) of crude over the next four years with an additional extra capacity of 95,000 bpd being added in three years.
Yadavaran, located in the Khuzestan province of Iran, is believed to be one of the world’s largest unptapped oilfields with reserves of around 3.2 billion barrels. Gas reserves at the field are believed to stand at around 2.7 trillion cubic feet.
China plan to buy the 10 million metric tonnes of liquefied natural gas (LNG) per annum the field will produce in a 25-year deal that could be worth as much as $100 billion to Iran.
The Jofeir oilfield is smaller than Yadavaran and located on the Iran/Iraq border. The Belarus NOC, Belarusneft, has agreed to develop the field with the National Iranian Oil Company (NIOC) and Jofeir is expected to yield around 30,000 bpd of crude and 6.3 million cubic feet of natural gas.