Jun 11, 2016, 11:35 AM
BP returns to negotiation table

TEHRAN, Jun. 11 (MNA) – Deputy oil minister said BP PLC (formerly British Petroleum) has voiced readiness to invest in and develop certain oil fields of Iran.

Roknodin Javadi pointed to the launch of talks between Iran and BP Petroleum industry company over oil and gas field investment saying “three axes of negotiations so far dealt with oil fields development, enhanced recovery plans as well as research projects.”

Managing director of National Iranian Oil Company (NIOC) noted that a separate round of talks has also begun with the English company over oil sale resumption; “BP has so far expressed willingness to expand a number of Iran’s oil fields.”

“Despite the beginning of negotiations, no MoU or agreement has so far been inked between NIOC and BP,” stressed the official commenting “upon continuation of talks, reaching a final deal with the European company would not be far-fetched.”

Javadi also referred to the timetable for reopening BP’s bureau in Terhan reiterating “the English firm has announced readiness to open its office in Tehran which will probably take place in summer.”

Deputy oil minister had earlier underlined “BP PLC is eager to cooperate with Iran by technology transfer as well as by making investments in the Iranian oil industry.”

In 2002, National Iranian Oil Company (NIOC) and Britain’s largest oil firm BP launched a 656-million-dollar cooperation producing gas at the offshore gas field of Rhum in Scotland.

After five years of gas extraction from the joint gas field with a daily production of about 190 million cubic meters, operations were suspended at the field in November 2010 after the EU introduced sanctions against Iran.

Meanwhile, Iran’s shares of the revenues from the field are currently frozen in an account in London under the sanctions regime though the UK resumed gas production in the field around three years ago.

Following his April meeting with UK's trade envoy to Iran and chairman of the British-Iranian Chamber of Commerce Lord Norman Lamont, Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia said “Britain has pledged to help provide Iran with revenues made from sales of natural gas from the Rhum gas field in the North Sea which the country jointly shares with British Petroleum (BP).”






News Code 117256


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