Iran, Russia, Turkey Sign $7bn Drilling Deal

Turkey’s Unit International announced it has signed a $7 billion agreement with Iran’s Ghadir Investment Holding and Russia’s state-owned Zarubezhneft to drill for oil and natural gas in Iran.

In a statement, Unit said the three companies had invested a total of $7 billion for the drilling, which would take place at three oil fields and one large natural gas field in Iran.

It added that the consortium will also be able to drill in other parts of Iran, Reuters reported.

Unit said all three companies had signed the agreement as equal partners, and added that this marked the first trilateral deal an Iranian company signed with foreign partners.

The total reserves at the three oil fields stand at 10 billion barrels, and the fields will produce 100,000 barrels per day, the report, adding the natural gas field had a production capacity of 75 billion cubic meters per year.

(Source: Tasnim, under Creative Commons licence)

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