Iran, Total sign agreement on Azadegan oil field

Iran and France's Total have signed a non-disclosure agreement (NDA) on giant South Azadegan oil field, Iran's Oil Minister Bijan Namdar Zanganeh told Mehr News Agency.

According to the signed agreement, Total is allowed to study the giant oil field to decide whether to get involved or not. Further details were not revealed.

Earlier, the Project Director of the Development Project of South Azadegan Seyed Mahmoud Marashi said that according to preliminary estimates, the expected volume of investment to develop the second phase of South Azadegan would be less than $5 billion.

Iran has developed the first phase of this field. Currently Iran produces 30,000 barrels per day from Azadegan, but the country plans to increase this figure to 320,000 barrels per day by completing the first phase and developing the second and third phases of this project.

Iran also signed an agreement with Total earlier to export 160,000 barrels of crude oil.

/By Trend/