Aussie consortium to develop Iranian oil fields

Iran is to sign a contract with an Iranian-Australian consortium for the development of three onshore oil fields, says a senior official of the National Iranian Oil Company (NIOC).

Bahman Samimi, in charge of the development of heavy oil fields projects at NIOC, said the KIPC consortium, financed by Chinese companies, has submitted the master development plan to develop the onshore Kouhmond, Kaki, and Boushgan oil fields in the southern province of Bushehr, Shana reported.

“The contract would be signed after the NIOC approves the proposed financing companies,” he added.

Samimi said the three oil fields are expected to initially produce 9,000 barrels of oil per day while their capacity will ultimately reach 20,000 bpd.

Iran sits on huge oil and gas reserves but has been slow to develop its energy section due to US and UN sanctions.

Washington has been pressuring foreign firms to stop their activities in Iran; however, developing Asian economies, such as China and India, are keen on investing in the country’s energy sector.