6758
NDFI to Allocate $2b to W. Karun Oilfields
Energy

NDFI to Allocate $2b to W. Karun Oilfields

The National Development Fund of Iran (NDFI) has earmarked $2 billion for the development of West Karun oilfields. The funding will be released by the end of the present Iranian year (March 2015), Moshtagh-Ali Gohari, deputy managing director for comparative planning at the National Iranian Oil Company (NIOC) said.
According to plans, the NDFI allocated $6 billion to West Karun fields over three years, with this year's share set at $2 billion, Shana news agency quoted the official as saying. Authorization for this year's funds has been ratified by NDFI board of trustees. Gohari said a contract will be signed with a company called SPV, a subsidiary of the Oil Industry Retirement Fund, through which it will receive the funds. NIOC, as a state-run organization, is not legally authorized to receive funds from the NDFI. Thus, SPV will receive and distribute the funds proportional to the project's progress.
The official said the development of West Karun fields has commenced and contracts have been signed for five oil well drilling projects in the South Azadegan Oilfield.
During the first eight months of the year (March - November) nearly $2 billion was injected through the NIOC, by-back contracts, and loans to the West Karun Projects.
West Karun, located in south-west Iran, includes Yaran and Mansouri fields as well as Yadavaran and North and South Azadegan joint fields with Iraq. According to plans, production capacity of South Karun fields is to reach 400,000 barrels per day by the next two years.

Short URL : http://goo.gl/b97Dgb

You can also read ...

679 tons of carbon dioxide will be prevented from entering the atmosphere during the project’s 20-year lifetime.
Solar power is becoming an increasingly important part of the...
India Will Lead International Oil Demand by 2035
Oil market participants and analysts have been closely...
Oil Markets Split
Oil markets were split on Tuesday, with US crude still...
Oil Producers to Mull  Long-Term Cooperation
OPEC and non-OPEC oil producers, including Russia, will...
Iran is currently drawing crude from West Karoun block at an unacceptable extraction rate of 5-6%.
Iran's Petroleum Engineering and Development Company has...
Gas Delivery to Power Plants Cuts Pollution, Raises Revenues
Supplying natural gas to power plants, instead of liquefied...
Iran Gasoline Consumption  at 80 ml/d in 1 Month
Data released by the National Iranian Oil Products...

Trending

Googleplus