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(ArabianOilandGas.com) --
China is set to invest USD 2.5 billion in South Azadegan oilfield on Iran’s
border with Iraq the Iranian news agency Mehr reported Friday.
"According to the final agreement, China will invest USD 2.5 billion in the
field," Mehr quoted Naji Saadouni, president of Iran"s Petroleum Engineering and
Development Company (PEDEC), as saying. The PEDEC president did not however
specify which Chinese firm would take up the project.
The Azdegan field currently produces 55.000 bpd and it is expected to
increase output to 320.000 bpd after the completion of the first phase of the
project which is currently underway, according to the Tehran Times. Completion
of the second phase will boost the oilfield"s output to 600.000 bpd.
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