Iran and the giant Austrian energy company OMV are holding talks to finalize a deal on the development of the Band-e Karkheh oilfield.
To finalize the negotiations Iran has given OMV two months, of which 25 days has already passed, said Naji Sadouni, managing director of Iran’s Petroleum Engineering and Development Company (PEDEC).
OMV has not submitted its master development plan (MDP) for the Band-e Karkheh oilfield yet and if the negotiations are not finalized during the given period, the development of the field will be given to a domestic company, Shana quoted him as saying.
Band-e Karkheh, located in the northwest of Ahwaz, capital of Iran’s oil-rich southwestern province of Khuzestan, is estimated to have a production capacity of 40,000 barrels of crude oil a day.
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