Iran inks deal to raise Resalat oilfield output

Iran has reached agreement with a Malaysian firm to carry out further development at the Resalat offshore oil field to raise production, an energy official said yesterday.

Development at the field will take 42 months to complete and raise production there by 10,000 bpd to 47,000 bpd of Iranian light, the report on Mehr news agency said, citing Mahmoud Zirakchianzadeh, head of Iran's Offshore Oil Company.

"The project's executive contractors have been chosen and its basic design studies are drawing to an end," the official said. He said the agreement was worth €1 billion (Dh4.9bn), but did not name the Malaysian firm.

Zirakchianzadeh has said previously the Malaysian company had formed a consortium with a Chinese firm.

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.

Follow Emirates 24|7 on Google News.