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Turkish firm Unit International has inked a $7bn agreement with Ghadir Investment and Zarubezhneft to carry out drilling activities in Iran in pursuit of oil and natural gas.
While Zarubezhneft is a Russian state-controlled oil company. Ghadir Investment is an Iranian company.
Under the terms of the agreement between the parties. the drilling for crude oil will be done at three Iranian fields. which are estimated to have a combined capacity of 10 billion barrels of oil in reserves. reported Reuters.
The production capacity of the oil fields has been estimated to be 100.000 barrels per day.
For natural gas. the partners will be drilling a large gas field which is estimated to have a production capacity of 75 billion cubic meters per day.
The name of the gas field was not revealed by the Turkish energy company which says that its reserves are capable of coping up with the gas demands in Turkey for the next 150 years.
According to Unit. the production expected from the unnamed Iranian gas field is 1.5 times the 50 billion cubic meters of gas imported each year by Turkey.
Recently. Ghadir had inked a cooperation agreement with the National Iranian Oil Company (NIOC) for the exploration of Darkhovin. Sepehr and Jufair oil fields along with the Kish gas field.
Unit stated that the partners will be able to drill in other regions of Iran as well.
It further added that the agreement was signed by the three firms as equal partners. The agreement happens to be the first trilateral deal made by an Iranian company with foreign partners. said Unit.
