Iran willing to sign $4 billion worth oil contract

Iran is prepared to sign a $4 billion worth contract on the development of oil fields in Azadegan and Bagestan, reports the secretariat-general of the Organisation of the Petroleum Exporting Countries (OPEC) with reference to Iran's Petroleum Minister Bijan Namdar-Zanganeh.

When in operation, these deposits will enable the increase in the extraction and production of Iranian oil by 400,000 barrels a day. A contract on the Azadegan field to produce 300,000 barrels of oil a day, valued at $2 billion, will be signed with Japan's consortium led by the Inpex concern already this July, said the minister.

This project does not exclude the participation of France's leading oil-and-gas company Total-Fina-Elf and the British Petroleum.

A project on the development of the Bagestan deposits to produce 100,000 barrels a day will be signed later.