Iran Plans Tenders on Eight Exploration Blocks

Source: Reuters 3/2/2010, Location: Asia

Iran plans to hold tenders soon for eight new oil and gas blocks exploration blocks, an official was quoted as saying. Mahmoud Mohadess, head of the exploration office at the National Iranian Oil Company (NIOC), made the announcement at a time when Iran is facing Western pressure over its disputed nuclear programme.

The Islamic Republic, the world's fifth-largest crude oil exporter, needs foreign capital and technology to help develop its all-important energy sector, but the row over Tehran's nuclear ambitions has deterred Western investors.

"We are planning to hold tenders on eight exploration blocks soon. We are currently preparing the needed documents on these blocks," Mohadess was quoted as saying by the semi-official Mehr News Agency. He did not give details.

Western energy companies are becoming increasingly wary of investing in Iran because of the tensions with the West. Tehran denies Western accusations that its nuclear work is aimed at developing bombs, but its refusal to halt sensitive activities has led to three rounds of U.N. sanctions since 2006.

Six world powers, including the United States, have begun deliberations on more sanctions at U.N. Security Council level in New York.

Mohadess also said the NIOC had projected the discovery of new reserves of 500 million barrels of oil and 5 trillion cubic feet of gas a year over the course of the fifth 5-year development plan in 2010-2015.


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