PetroIran May Develop Arash gas Field

PetroIran will most likley start developing the Arash gas field located in the Persian Gulf, as Kuwait has not yet responded to Iran's offer of joint development, the managing director of Iranian Offshore Oil Company stated.

Talks are on with PetroIran where the company will invest $2 billion in the project, Fars News Agency reported.

Iran said in January that it would launch a full-scale unilateral development of the offshore Arash gas field if Kuwait does not respond to its offer of joint development.

Iranian officials said that country’s emphasis still is on a joint partnership strategy with Kuwait rather than competition but if Iran’s positive diplomacy is turned down it will pursue the project alone.