Iran's National Oil Company and Petrobraas of Brazil have signed a deal on explorations of an Iranian offshore oil block in the Persian Gulf.
The deal is aimed at speeding up exploration in the area and make a faster assessment of hydrocarbon resources off southern Iran.
According to Iranian press reports, the Brazilian firm is inclined to cover all the costs of the 42-month project which will absorb at least $32 million in finances.
The offshore block is 6300 kilometers in area. (menareport.com)
© 2004 Mena Report (www.menareport.com )