TEHRAN – The Oil Ministry plans to invite bids for the development of oilfields located in Iran’s oil and gas-rich southern provinces.

The Oil Ministry has issued an invitation to companies to bid for contracts to develop ten Iranian oilfields, the Parsi, Shadgan, Pazenan, Gachsaran, Karanj, Northern Azadegan, Jofair, Marun, and Mansuri oilfields, and one other oilfield, Mehdi Bazargan, the managing director of the Iranian Oil Engineering and Development Company, said here on Saturday.

The development of the oilfields will require some seven billion dollars of investment, he said, adding that the Oil Ministry has also concluded agreements on the development of 14 more oilfields across the country.

A contract signed with Japan’s Inpex on the development of the Azadegan oilfield, slated to produce 150,000 barrels per day, and three more contracts on the development of the Masjid Soleiman, Rag-e Sefid, and Bangestan oilfields have run into rough weather, but the problems should be resolved by late September, the official explained.