The National Iranian Oil Company (NIOC) and France’s oil giant Total will ink a confidentiality agreement on development of Iran’s South Azadegan oilfield in the coming days, the Mehr news agency quoted Oil Minister Bijan Namdar Zanganeh as saying on Monday.
The deal is coming after Total agreed to buy 160,000 barrels per day (bpd) of Iranian crude for delivery in Europe.
South Azadegan is one of the five oilfields, dubbed the West Karoun oilfields, Iran shares with Iraq at the western part of Iran’s southwestern region of Karoun.
Iran discovered Azadegan oil field in 1999 in what was the country’s biggest oil find in decades. The country accordingly teamed up with Inpex to push the project toward development. However, the Japanese company quit the project in what appeared to be a result of the U.S. sanctions against Iran, according to Press TV.
NIOC later divided the project into South Azadegan and North Azadegan and both were awarded to China’s CNPC.
In 2014, Iran sidelined CNPC from South Azadegan due to its protracted delays in developing the field.
South Azadegan is believed to hold an in-place oil reserve of about 33.2 billion barrels and its recoverable resources estimated at about 5.2 billion barrels.
Development of joint oil and gas fields is a priority of the Iranian government.
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