Iran and China sign oilfield development contract

From Energy Daily:

Iran and China on Wednesday signed a 1.76 billion dollar contract for the initial development of the North Azadegan oil field in western Iran, an Iranian oil ministry official said.

The agreement between China National Petroleum Corporation (CNPC) and the National Iranian Oil Company (NIOC) foresees production from the field reaching 75,000 barrels a day in four years' time, the official said.

If that timetable is maintained, Iran may award CNPC the contract for the second phase, when production is scheduled to double.

The north Azadegan field is in Khuzestan province on the border with Iraq and has reserves of about six billion barrels of oil....MORE