TEHRAN, Feb. 22 (UPI) — Iranian and Ukrainian entities are investing around $800 million to develop three oil fields in Iranian territory, an Iranian energy official said.
Ahmad Qalebani, managing director of the National Iranian Oil Co., said a consortium of Iranian and Ukrainian oil companies signed a deal to develop the Kouhmond, Kouhkaki and Boushkan oil fields in Iran, the semiofficial Fars News Agency reports.
Combined, the three oil fields hold an estimated 2.1 billion barrels of oil, the report said. The first phase of operations could produce around 11,000 bpd but would double after the second phase is completed. The report didn’t provide a timeline for operations.
Iran has some of the largest oil and natural gas deposits in the world though major energy companies are reluctant to work in the country because of pressure from Western economic sanctions.
Tehran has brushed off most of the economic pressure by saying it would have no problems finding alternative customers. Some countries are seeking exemptions from the aspects of economic sanctions targeting financial transactions with Iran.