Tehran has commissioned China National Petroleum Corporation (CNPC) to develop the second phase of the North Azadegan oilfield project in Iran with a production output of up to 75,000 b/d, Mehr News Agency reported. The production is expected to double after the second phase of the project is implemented.
According to an earlier news report published by Platts in November, CNPC had been awarded the contract in 2009, however, it was suspended over work performance complaints and delays. A buyback contract was signed again in 2010. Tehran stated that Chinese-owned companies remained Iran’s strategic partners, envisioning future bilateral cooperation in upstream projects.
North Azadegan oilfield has 6.5b barrels of oil reserves in place and covers around 460 sq km of the whole Azadegan field area located on the margin of the Iran-Iraq border.