BELARUS NEWS AND ANALYSIS

DATE:

21/05/2007

PEDEC finalizes negotiations on Jofair oilfield with Belarus

TEHRAN (PIN) - Managing director of Petroleum Engineering and Development Company (PEDEC) announced that the company has finalized technical negotiations on developing Jofair oilfield with a Belarusian company.

Mehdi Bazargan told Petroenergy Information Network that the negotiations will lead to contract signing on July 1.

"The draft agreement intended by the National Iranian Oil Company on development of Jofair oilfield has been submitted to Belarusneft Company," he said.

The official stated that preliminary sessions on the contract have been held and the Belarusian company has been studying the text of the contract for the past few weeks.

"We have proposed to Belarusneft Company to finalize negotiations on developing Jofair oilfield by the end of June, so that, the contract could be signed at the beginning of July. The company has accepted our proposal and we should wait and see what happens in practice," he said.

Asked about Belarusneft's investing partner, the official stated that after the contract for developing Jofair oilfield is finalized, the company can introduce its partner for joint investment in the field and National Iranian Oil Company will investigate about the partner company.

Iran and Belarus signed an early agreement on developing Jofair oilfield late last Iranian calendar year (ended March 20, 2007). In his recent visit to Minsk, the minister of petroleum said, "Belarus is an oil producing (country) and was an energy heartland for the former Union of Soviet Socialist Republics. It seems that the country is capable of developing Iranian oilfields."

Jofair oilfield is predicted to produce a daily average of 30,000 barrels crude oil per day once its development is finished. However, accurate production figure over long run will depend on conditions of the field during production period.

Iranian President Mahmud Ahmadinejad is to start his visit to Belarus today. During his visit, the president is scheduled to hold talks with Belarusian officials about mutual cooperation in various fields.

Source:

http://www.tehrantimes.com/Description.asp?Da=5/21/2007&Cat=2&Num=021

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