Iran to Develop Soumar Oil Field With Local Funds, Shana Says

Iranian officials signed a contract valued at $25 million with a domestic company to develop the Soumar oil field in the country’s western region, the Oil Ministry’s website Shana reported.

Iranian Central Oil Fields Co., an affiliate of National Iranian Oil Co., signed the agreement today with a state-owned construction and investment company, Shana said, citing Mehdi Fakour, the managing director of Iranian Central Oil Fields.

The Soumar field in Kermanshah province has an estimated 475 million barrels in reserves and will be developed in two phases in two years, the report said. It will produce 5,000 barrels a day of crude after completion of the first phase and 15,000 barrels after the second, according to Shana.