Foreign companies are rushing to win bids for development of a new oil field discovered in the southwestern province of Khuzestan in Iran with recoverable reserves of soem 3 billion barrels.
The English-language daily Tehran Times quoted a senior official in the Oil Engineering and Development Company, Ali Akbar Al-e Aqa, Sunday as saying that foreign firms should submit their sealed bids by September 22, 2004.
According to the official, three companies had initially expressed their interest in winning the bids but that now European and Asian firms have joined the fray.
The Yadavaran oil field comprises the Koushk and Hosseinieh oil fields which were discovered in 2000 and 2002, respectively, in the oil-rich Khuzestan province near the Iraqi border. The oil field in Koushk is estimated to contain nine billion barrels while that in Hosseinieh 1.5 billion barrels. (menareport.com)
© 2004 Mena Report (www.menareport.com)
