China National Petroleum Corp. (CNPC) has won an $85-million contract to drill 19 gas wells in southern Iran, reported the Xinhua news agency. The contract, awarded by the National Iranian Oil Co., was the first of its kind to be put out to international tender, the Xinhua news agency reported. It is the first contract to be won by a Chinese company in Iran since the 1979 Islamic Revolution.
Over the coming two years, two affiliated companies of CNPC—China Petroleum Technology Service and China Petroleum Technology Development Co.—will develop the project along with the Iran's Mostazafan and Janbazan Foundation.
The wells are expected to produce a daily output of 24.08 million cubic meters or 860 million cubic feet of gas. – (Albawaba-MEBG)
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