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TEHRAN May 18 (Shana): Naji Sadouni managing director of the Petroleum Engineering and Development Company (PEDEC) says the contracts to develop Azar and third phase of Darquain oil fields will be signed in next two weeks.

Talking to Shana, Mr. Sadouni said that Bank Saderat Iran (BSI) and Bank Sepah would fund the projects.

‘Negotiations with an Iranian consortium is underway on development of Azar oil field with the participation of Oil Industries’ Engineering and Construction (OIEC) and Bank Saderat Iran (BSI) on the one hand and with ITOK and Bank Sepah on development of the third phase of the Darquain oil field on the other hand,’ PEDEC managing director said.

He also remarked that talks had progressed by 98 percent and development contracts of the fields would be finalized in next two weeks,’ the official added.

Sadouni went on to say that remaining issues related to the contracts would be finalized this week and the contracts on development of Azar oil field and the third phase of the Darquain oil field would be signed afterwards immediately.

Stressing on the efforts of the National Iranian Oil Company (NIOC) on picking an efficient contractor for the development of Azar oil field, Sadouni noted: Currently all the necessary guarantees have been taken from the investor on development of the field and Master Development Plan has been finalized.

 ‘The contract to develop Azar oil field will be signed with an Iranian consortium based on buyback terms and the two sides have agreed on the Master Development Plan of the field,’ Sadouni said.

He continued that complicated process of buyback contracts and giving time to foreign companies to participate in the project were reasons behind the long process of signing the contract.

According to the official even though the development of the oil field had been delayed for some time but PEDEC had not been idle and had taken some measures including leveling the ground, building access roads and concluding two drilling contracts.

Sadouni concluded that the contract to develop the third phase of Darquain oil field would be signed with ITOK and Bank Sepah alongside the Azar oil field in next two weeks.

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