TEHRAN — The National Iranian Oil Company (NIOC) is preparing the contract on the project to develop Yadavaran Oilfield to be signed with China’s Sinopec, managing director Gholam-Hossein Nozari said here on Sunday.

“We have reached an overall agreement with China Petroleum and Chemical Corporation (Sinopec) on the development of Yadavaran Oilfield, southern Iran. Currently we are regulating the contract,” Nozari noted in an interview with the Iranian Students News Agency (ISNA).

“However, the value of the contract is yet to be finalized,” he added.

According to him, negotiations are still underway to select the company (NIOC or Sinopec) to implement mine-sweeping operations at the field.

As for the North Pars gas field development project, the official said that a memorandum of understanding (MOU) has been previously signed with China National Offshore Oil Company (CNOOC). Officials of the company will come to Iran in the near future to discus the issue, he added. Pointing to Kish gas field development project in the Persian Gulf, Nozari noted that no discussions have been held with foreign firms on the development of the field. “The field will be developed by Iranian contractors, and is due to be financed by the NIOC.”

He further stated that all phases of Kish gas field are planned to be developed within the specified timetable.

On the Azadegan Oilfield development project, Nozari said that NIOC plans to launch an initial production from the field, which will be at 20,000 to 25,000 barrels per day (bpd) of crude scheduled for 6 to 8 months. In this regard, he added, NIOC is assessing scope of the work proposed by Petroleum Engineering and Development Company (PEDCO) and the National Iranian South Oil Company (NISOC). “But no final decision has been made yet.” Nozari also said that his company has talked with certain foreign companies on the Azadegan development project. However, a final decision is yet to be made, “because they are carrying out assessments.”