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Iran Talking With 16 Investors to Bid on Oil and Gas Projects

  • Projects are feasible even with oil at $40 a barrel: NIOC
  • South Azadegan field probably needs $10 billion of investment

Iran is negotiating with 16 international energy companies to help operate and manage 50 oil and natural gas projects around the country to boost production after years of international sanctions.

The projects are feasible even with oil at $40 a barrel, Gholam-Reza Manouchehri, a deputy director of the National Iranian Oil Co., told reporters in Tehran on Wednesday. The South Azadegan field on Iran’s southwestern border will be the first deal announced, and probably needs $10 billion to add 600,000 barrels a day of output, he said.