Iran has secured two energy agreements -- one with China, the other with Belarus -- amid U.S.-led efforts to pressure Tehran to stop its nuclear program.
China National Offshore Oil Corp. and Iran`s Pars Oil and Gas Co. secured their final agreement on the development of Iran`s North Pars gas field.
The Iranian company expects that North Pars will have a capacity to produce 20 million tons of LNG annually from its estimated 80 trillion cubic feet of natural-gas reserves. The two sides are studying the contract, which is slated for signing on Aug. 31, the Tehran Times reported.
Under the initial memorandum of understanding, the two companies agreed on four phases for the downstream and upstream development of the field. The new agreement will expand upon the MOU.
The National Iranian Oil Co. also secured an agreement with the Belarusian state-owned Belorusneft to develop its Jofeir field in the oil-rich province of Khuzestan.
'The sides expressed satisfaction with bilateral agreements concerning Iran`s Jofeir oil field and emphasized the need for closer cooperation in various sectors of the oil and gas industry, including the construction of oil refineries and underground gas terminals, and the development of oil and gas deposits,' Belarusian and Iranian Presidents Aleksandr Lukashenko and Mahmoud Ahmadinejad said in a joint statement after their talks in Minsk, Belarus, on Monday.
The field, which is assumed to reach full production of 30,000 bpd, is located not far from Iran`s border with Iraq. The two sides plan to sign the deal by the end of next month.
Due to U.S.-led pressure, Iran has found it increasingly difficult to find investors with the advanced technological skills necessary to develop its vast oil and gas resources, especially to execute the offshore LNG programs, according to industry reports.
