Iran set to sign offshore oil deal with BHP

Iran expects to sign a deal within two weeks with Australian mining and energy group BHP Billiton and an Iranian partner to triple oil output from the offshore Foroozan-Esfayandar field to 150,000 barrels per day. Iranian Oil Minister Bijan Namdar Zanganeh told reporters the deal would bind the developers to achieving their target or face penalties. “We have agreed the target of 150,000 bpd from the existing 50,000, in about four to five years,” Zanganeh said. Zanganeh said BHP Billiton and Iranian contractor Petro Iran would jointly develop the field. The terms are similar to a USD 550 million deal signed on 30 June with Italian energy company ENI to develop the onshore Darkhovin oilfield.

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