France's Total to Develop Shared Oilfield in Iran

By John Lee.

Iran has reportedly signed an agreement with France's Total to develop the South Azadegan oil field, which is shares with Iraq.

Iranian Oil Minister Bijan Zangeneh (pictured) is quoted as saying that both parties have agreed to keep the details of agreement confidential, adding that the French firm is now "studying its participation in the development of the oil field."

The field is said to hold an in-situ oil reserve of about 33.2 billion barrels.

Iran reached an agreement with Japan's Inpex a decade ago to develop the field, but the Japanese company quit the project following the imposition of sanctions.

(Source: GulfNews)