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Fresh from axing its contract at the 42bn barrel South Azadegan oil field, Iran has warned that the same fate could await CNPC at another key project if it fails to speed up work following years of ‘less than satisfactory’ progress.
Iran’s Oil Ministry hierarchy is fast losing its patience with Chinese state companies involved in the Iranian upstream, as they continue to drag their feet on projects Tehran considers key in its efforts to boost oil output capacity.
Iran is targeting a highly ambitious 5.7mn b/d by 2017, up from 3.7-3.8mn b/d today (MEES, 18 April).
Beijing is by far the largest foreign investor in the Iranian upstream, after having stepped in to take control of projects abandoned by Western oil companies that were forced to exit Iran with the tightening of Western sanctions in the mid to late-2000s.
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