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Norwegian-Austrian company to develop Esfandiar oilfield in Iran

Staff writer |
Iran has signed initial agreements with a Norwegian-Austrian company on developing its Esfandiar offshore oilfield, CEO of the Iranian Offshore Oil Company (IOOC) Saieed Hafezi said.

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"The required information has been exchanged between the two sides, and a confidentiality agreement as well as a Master Development Plan (MDP) have been signed with the applicant company," Hafezi said.

"We are just awaiting the new Iran Petroleum Contracts (IPC) to be finalized and announced in the near future to pen the final contract and officially start our mutual cooperation with the foreign company in Esfandiar filed," he added.

Esfandiar oilfield is shared by Iran and Saudi Arabia.

According to Iranian officials, the country seeks to expedite the development of joint oilfields with Saudi Arabia and Oman.

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