Iran has finally secured a second contract with an IOC after signing up Total and CNPC to South Pars Phase 11 in June 2017. Russian state firm Zarubezhneft signed a contract to develop two oil fields – 30,000 b/d West Paydar and 6,000 b/d Aban – and will be partnered by domestic firm Dana Energy (an 80:20 split).

The Iran oil ministry’s Shana news agency reports that under the agreement Zarubezhneft will increase combined production from the two fields from 36,000 b/d to 48,000 b/d during the 10-year contract. The contract is for $742mn. (CONTINUED - 947 WORDS)