Iran stopped two-years long negotiations with a Norwegian oil company and inked a 260 million dollars deal with a Chinese company for buying a Floating Production, Storage and Offloading (FPSO) vessel.
The vessel, which will be delivered to Iran by 2013, will be used to accelerate the development plan of joint oil layer of the South Pars gas field, Mehr news agency reported on Tuesday.
Iran has held negotiations with a Norwegian oil company in recent two years for buying or renting an FPSO vessel, but the Norwegian oil company has delayed for signing the contract.
The project for the development of oil layers in South Pars gas field was awarded to PetroIran in mid March 2005.
According to the contract, 50 percent of the development plan of joint oil layer of the South Pars gas field has been already done, and it is predicted that by delivering the FPSO vessel on time, the oil production of the field will be inaugurated within next two years.
The development project for producing oil from the oil layers of the South Pars gas field which is a joint reservoir with the State of Qatar will be carried out in two stages.
In the first stage of the project, 35,000 barrel per day (bpd) of crude oil will be produced.
Source: Tehran Times
