The Italian oil group ENI said on Tuesday it has bought a 38.5-percent share in the Balan oil field in Iran, operated by a French-Canadian venture.
The joint venture operating the field is 46.75-percent owned by French group TotalFinaElf and 15-percent held by Bow Valley of Canada, the company said in a statement.
The field has estimated reserves of 100 million barrels and is located in the Persian Gulf at a depth of 70 meters.
Production was expected to start in 2002 and was due to total 40,000 barrels per day, of which 9,000 will come from ENI. The total project cost was estimated at $300 million (320 million euros).—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com)
