Iran plans to develop 'Esfandiar' oil field on its own

Iran plans to develop 'Esfandiar' oil field on its own Negotiations had taken place earlier with a Qatari bank on financing a project to finance the development of the Esfandiar oil field, as well
as agreement reached with a Malaysian contractor on its participation in the project. However, due to the decision by the Iranian oil minister to prioritise the development of oil fields in joint
ownership with neighbouring countries, Iran has decided to develop and finance Esfandiar on its own for the sake of speed, reports Iran News, with reference to the ISNA information agency.
The sum of 400 million euros had been mentioned in connection with the negotiations with the Qatari bank, as the initial investment in the development project.
Saudi Arabia is the joint owner of the Esfandiar oil field, which was discovered in 1966, 95 km south-west of Kharg Island. It is estimated to contain 532 million barrels of crude oil.
The company 'Petro Iran' was tasked with developing it in 2002, together with the 'Foruzan' oil field. The Iranian continental shelf company is currently working on the project.