India, China Eye Iran Oil Field

The Peninsula:

Iran is in talks with Indian and Chinese firms that are interested in developing the Azadegan oil field, semi-official Mehr news agency reported. READ MORE

"We are negotiating with Chinese and Indian companies that are interested in developing the northern part of Azadegan oil field," Ali-Akbar Vahidi, director of the engineering department of the National Iranian Oil Engineering and Development Company, said here on Saturday.

Azadegan in southern Iran is said to be the country's biggest oil field, holding an estimated 26 billion barrels of crude oil.

Vahidi said talks between Iran and China on development of the Yadavaran oilfield were expected to conclude in three months. "The Iranian oil ministry wants it to be finished as soon as possible," he said. Under an agreement signed in November 2004, the Chinese firm Sinopec will buy 250 million tonnes of liquefied natural gas from Iran over 30 years. Iran would also export 150,000 barrels of crude a day to China after Sinopec develops Yadavaran, Iran's largest on-shore oilfield located in the southwest of the country near the Iraqi border.