China invests US$20b in Iran oil fields

[Letsbereal]

China invests US$20b in Iran oil fields
9 July 2012, (Bloomberg - Business Times)
http://www.btimes.com.my/Current_News/BTIMES/articles/20120708232245/Article/

China has invested some US$20 billion to help develop Iran’s North Azadegan, South Azadegan, and Yadavaran oil fields with a view to producing almost 700,000 barrels of crude oil a day, the official Islamic Republic News Agency reported, citing Oil Minister, Rostam Qasemi.

“After over a decade of negotiations, agreements have been reached to develop these fields and the Chinese have started operations,” Qasemi was quoted as saying today by IRNA.

More than 20 drilling rigs have been put in place so far Qasemi said, without identifying the Chinese partner or giving details about the project.

[Letsbereal]

China invests $20b in Iran's oil fields that will produce 700,000 bpd
8 July 2012, Tehran (MNA)
http://www.mehrnews.com/en/newsdetail.aspx?NewsID=1645284

A Chinese company has invested $20 billion in Iran’s Yadavaran and Azadegan oil fields, which are projected to produce 700,000 barrels of oil per day when they reach peak capacity, Iranian Oil Minister Rostam Qasemi announced on Sunday.

“After 10 to 15 years of negotiations with the Chinese side, agreements were struck for the development of the Azadegan and Yadavaran fields, and now the Chinese have started their activities in the fields with a value of 20 billion dollars,” Qasemi said during a visit to the Petropars Company headquarters in Tehran.

Over 20 drilling rigs have been set up at the two oil fields, he added.

The Azadegan oil field is located close to the Iraqi border. The field holds around 33.2 billion barrels of in-situ oil deposits, of which 5.2 billion barrels are recoverable.

The Yadavaran oil field is estimated to hold around 12 billion barrels of in-situ crude oil, some 12.5 trillion cubic feet of associated gases, as well as nearly 1.9 billion barrels of condensates.

Twelve contracts have been signed for the development of joint oil and gas fields, and the development of the Azar and Changouleh fields and some others has already begun, Qasemi stated.