BELARUS NEWS AND ANALYSIS

DATE:

10/05/2007

Belarus to develop Iranian oilfield

National Iranian Oil Company has approved a general plan that was submitted by Belarus for the joint development of Iran's Jofeyr oilfield.

A source at Belarusnafta, Belarus's state oil company, made the announcement in an interview with the Russian Interfax, the Iranian Shana news agency reported.

The general plan reportedly includes a paragraph about the use of Belarusian technologies.

NIOC and Belarusnafta are to start holding some talks soon on development of the said oilfield.

Commenting on this joint venture, deputy managing director of Belarusnafta in geological affairs Valeri Beskopilni said," Iran has suggested a buy-back mode for execution of the project."

"Based on the terms of the deal, NIOC, as the owner of the field, will be in charge of drawing up the economic and engineering plan of the project and the Belarusian company, as the main contractor of the project, will undertake the exploration and production phase in a specific period of time, which is likely to be eight years", he added.

"The contractor of the project will be selling the crude oil products to NIOC in return for receiving a dividend", the official noted.

Iran and Belarus signed a Memorandum of Understanding in 2006 for expansion of mutual cooperation in the oil sector and now Belarus intends to invest in the said field.

Jofeyr oilfield is located in Iran's southern province of Khuzestan and is expected to produce some 30,000 barrels per day (bpd) of crude oil.

Source:

http://www.presstv.ir/detail.aspx?id=9311§ionid=351020103

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