Iran

1)Project Name:Azar 2 (Anaran Block)
Operator:StatOil
Type:Crude

2)Project Name: Mehr

Operator:OMV

Type:Crude

Iran and the Norwegian StatoilHydro have finalized their negotiations on the development of the Anaran block's Azar oilfield.

"The technical issues are finalized, the negotiations on signing the agreement are all done and currently both sides are finalizing the attachments to the agreement," IRIB News quoted the Managing Director of Iran's Petroleum Engineering and Development Company (PEDEC), Naji Sadouni, as saying .

Sadouni noted the high priority given to the development of this oilfield, adding that the cleaning work on the field will be started next month.

"The time that has been set for finalizing negotiations on the project between the two parties may not be extended," he added.

Sadouni also referred to the development of the Changuleh oilfield in the Anaran block, saying that negotiations to develop this field is ongoing with domestic private contractors.

Currently, Russian Luke Oil Co. is cooperating with Iran in the development of the Anaran block, in which it holds a 25-percent stake.

The Anaran oilfield is located in Iran's southwestern province of Ilam. So far, over $100 million has been invested in the oilfield.

The oil reserves of Anaran are based on the two fields of Azar and Changuleh, which are estimated to hold oil reserves of some 7.4 billion barrels between them.

StatoilHydro ASA is a Norwegian energy company, formed by the 2007 merger of Statoil with the oil and gas division of Norsk Hydro. StatoilHydro is the biggest offshore oil and gas company in the world.