Iran and Italian major Eni have signed a reported US$1.5 billion deal for the development of Phase III of Iran’s Darkhovin oil field. A spokesman from Iran’s Oil Engineering and Development Company (OEDC) told the BBC that Eni had already submitted a feasibility study for the proposed development.
"Eni is currently active in the first two phases of Darkhovin and has voiced interest in developing the oil field's third phase with an investment of $1.5 billion," he said.
Eni signed a $550 million deal with the National Iranian Oil Company (NIOC) in 2001 to develop Darkhovin oil field, which lies in southwest Iran near the Iraqi border.
Oil production at the field is expected to reach 260,000 barrels per day (bpd) once the third phase of the field becomes operational.
How much unconventional gas has been discovered to date?
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