Iran Ready to Sign $2 Billion in Development Contracts

Iranian Oil Minister Bijan Zanganeh said the country is ready to sign contracts worth $4 billion for the development of the Azadegan and Bangestan oil fields. Production from these two projects could boost Iran's output by 400,000 barrels per day.

A Japanese consortium led by Inpex is expected to sign a $2 billion development contract for the Azadegan field in July. Total and BP have been short-listed to bid for the Bagestan field.

Production from Bagestan would add 100,000 bpd and production from Azadegan would add 300,000 bpd.