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  Shell says development of Iran oilfields on track

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Author Topic:   Shell says development of Iran oilfields on track
posted February 09, 2001 09:41     Click Here to See the Profile for Vatandoost   Click Here to Email Vatandoost     Edit/Delete Message   Reply w/Quote
LONDON, Feb 8 (Reuters) - Royal Dutch/Shell Group said on Thursday its development of Iran's Soroush and Nowruz oilfields was running on schedule. "The project has got going. It is going very well...We started drilling. The project is within budget and on time," Royal Dutch/Shell Group's newly-appointed Chairman Phil Watts told reporters after a news conference on the company's results.

Shell last year won an $800 million deal to develop the Soroush and Nowruz offshore fields with the National Iranian Oil Company (NIOC).

The two fields are expected to pump a combined 190,000 barrels per day (bpd). Initial production from Soroush is expected to start in 2001 and full output from both fields two years later.

Shell is also competing for a contract to develop the massive Bangestan oilfield.

"There are discussions taking place regarding the Bangestan and we are in those discussions and very interested in taking another position," said Watts.

Iran has lured some of the world's leading oil companies to invest in the OPEC producer under its biggest energy opening since the 1979 Islamic

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