Ghadir, Zarubezhneft and Unit International to Develop Iranian Fields (Update)

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Iranian Ghadir Exploration & Production, Russian state-owned Zarubezhneft and Turkish Unit International have agreed to invest $7bn developing oil and natural gas fields in Iran, the Turkish company said in a statement August 15.

The plan includes developing three oil fields with total estimated reserves of 10bn barrels of oil, with the potential of 100,000 b/d production. The aim is to produce a total 75bn m³, the statement said, without giving any further details of the assets. Under the confidentiality agreement, it has not been disclosed what each of the companies will receive from its investment.

Separately, Unit International agreed in June to build seven natural gas combined-cycle power plants in Iran with a total capacity of 5.2 GW in various strategical locations at a cost of $4.2bn; as well as 800 MW of renewable energy projects.

The three companies will set up joint ventures to fund oil and gas development projects, with Ghadir leading the consortium in which each company will have an equal share of the financing, Shana Newswire reported.

Ghadir is the largest investment company listed on the Tehran stock exchange.

Earlier Ghadir signed agreements with the National Iranian Oil Company to carry out a feasibility study for phase 3 of the of the Darkhowin oil project, as well as for the Sepehr and Jofeir oil fields in southern Khuzestan Province and the Kish gas field in the Persian Gulf.

Companies with MOUs and related asset

Source: Nioc

Azerbaijan desk