Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
Iran is considering pulling the lucrative Yadavaran oil field development from Chinese state energy giant Sinopec by year-end, once Phase-1 of the project is completed. Full operatorship would then be transferred to Petroleum Development and Engineering Company (PEDEC), a subsidiary of state giant NIOC, which today jointly operates the field with Sinopec.
This follows significant delays at the field – one of several key projects Iran hopes could help boost its domestic oil producing capacity over the coming years. Iran is targeting a highly ambitious 5.7mn b/d by 2017, up from 3.7-3.8mn b/d today (MEES, 18 April).
Sinopec was awarded a contract for the three phase development of the Yadavaran field in 2007, with plateau production envisaged at around 300,000 b/d. PEDEC last December said it hoped to boost output to 50,000 b/d by 1Q14. But output remains stuck at around 25,000 b/d, a fact that has long made Iranian oil ministry officials uneasy.
DON'T HAVE AN ACCOUNT?
NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?
By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.UPGRADE