Turkey, Iran, Russia Form $7 Billion Oil Deal

Turkish energy company Unit International, Russia’s Zarubezhneft, and Iran’s non-governmental firm Ghadir Investment Company have promised to invest a combined $ 7 billion to drill at three oil fields and one natural gas field in Iran. The investment commitment comes just a week after Ghadir Investment signed a deal with Zarubezhnefr and Unit International to finance and develop oil and gas projects in and outside Iran. The three companies agreed [0 set up group efforts to fund oil and gas development projects, with Ghadir Exploring things and Production Company leading the group of companies in which each company would have equal share of the financing. According to Unit International, as referred to by Reuters, the total reserves at the three oil fields are guessed (number) at 10 billion barrels, and the fields would be able to pump 100,000 bpd. The natural gas field would have an once-a-year production ability (to hold or do something) of around 75 billion cubic meters. The gas reserves at the field would help meet the gas demand in Turkey for the next 150 years, Reuters quoted the Turkish company as saying. The group of companies could also drill at other fields in Iran, according to Unit International. Both Zarubezhneft and Unit International are not new to signing deals with Iran. Last month, Zarubezhneft signed a written note of understanding (MoU) with the National Iranian South Oil Company (NISOC) to study the possible development of Iran’s Shadegan and Rag Sefid oil fields. Unit International, for its part, signed in June last year a $ 4.2 billion deal with the Iranian energy ministry to build seven natural gas combined-cycle power plants in different areas in Iran with a combined installed ability (to hold or do something) of 6,020 megawatts.In early July, France’s energy major Total SA signed a contract to develop phase 11 of the South Pars gas field in Iran-the world’s biggest gas field-marking the first Iranian Petroleum Contract (lPC) with a Western major since most sanctions on Iran were lifted. Total will develop the project in strict obedience of related national and international laws.

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