Gulf Oil and Gas accountACCOUNT

Iran Warns China Oil Giant Over Procrastination

Source: 2/20/2014, Location: Asia

Iran Oil Minister Bijan Namdar Zanganeh says China’s oil giant, CNPCI, is facing the prospect of expropriation in a major oil field in Iran should it continue dragging feet on the development project.

“The performance of the Chinese company is not assessed as favorable and the necessary warnings for expropriation have been given to this contractor,” Zanganeh said in the presence of President Hassan Rouhani on Monday.

China National Petroleum Corporation International (CNPCI) signed a deal with the National Iranian Oil Company (NIOC) seven years ago for the development of South Azadegan oil field.

Zanganeh said no major progress has been observed in this field which Iran shares with neighboring Iraq.

Abdolreza Haji Hossein-Nejad, managing-director of the Petroleum Engineering and Development Company (PEDEC), said the Chinese company has drilled only seven out of the promised 185 wells, adding, “Production from this joint field is still standing at around 50,000 barrels per day (bpd).”

Iraq is currently recovering 175,000 bpd of oil from its sector of this field and plans to raise its output to 400,000 bpd.

Last August, NIOC replaced China National Petroleum Corporation (CNPC) with the Iranian company, Petropars Ltd. (PPL), for the development of Phase 11 of the massive offshore South Pars gas field.

CNPC initially agreed with NIOC in 2009 to develop the only South Pars phase whose fate had not been decided.

Following the implementation of Iran’s nuclear deal with world powers, oil giants from the United States and major European countries have shown willingness to operate projects in Iran.

For more information about related Opportunities and Key Players visit Caspian Region Projects

Investment News in Iran >>

United States >>  9/21/2020 - Northern Oil and Gas, Inc. has announced the completion of its reverse stock split and other business updates.

Australia >>  9/17/2020 - The Federal Government’s announcement to invest $1.9 billion to reduce carbon emissions paves the way for large-scale carbon capture and storage (CCS)...

United Arab Emirates >>  9/14/2020 - Abu Dhabi National Oil Company (“ADNOC” and, together with its subsidiaries, “ADNOC Group”), has successfully completed a placement to institutional i...
Russia >>  9/11/2020 - The Gazprom Management Committee took note of the information about the implementation of major investment projects. ...

Russia >>  9/11/2020 - - Gazprom's overall amount of investments for 2020: RUB 922.489 billion.
- Gazprom's borrowings for 2020: RUB 501.287 billion.
- Final ...

Libya >>  9/10/2020 - Libya’s National Oil Corporation (NOC) Chairman Eng. Mustafa Sanalla today 10 September 2020 set out the enormous opportunities which Libya offers to ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.