Iranian state TV is reporting that the country has signed an agreement with a British consortium to develop an oil field, just as another major company, France’s Total, says it will withdraw from Iran because of the renewed US sanctions.
The new agreement is the first between Iran and a company from a key Western ally of the United States since Washington last week announced it will pull out of the 2015 nuclear deal between Iran and Western powers. The US says it is reinstalling sanctions against Iran.
Managing Director of Pergas International Consortium Colin Rowley, and Bijan Alipour, managing director of National Iranian South Oil Co., sign a preliminary deed on the partnership in the presence of British Ambassador Rob Macaire in Tehran on Wednesday night.
The project, if the agreement turns into a contract, will require more than $1 billion to produce 200,000 barrels of crude oil per day during the next decade in the 55-year-old Karanj oil field. The oil field is located in the country’s oil-rich province and currently produces 120,000 barrels of crude per day.
— AP
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