The Iranian Petroleum Engineering & Development Company (IPEDC) is to sign a $1bn contract with Ukraine’s Inter Naft Gas Prom Pars Company (INGPPC) that will see the company develop three Iranian oilfields.

The three fields are the Kooh Mond, Booshgan and Kooh Kaki and INGPPC expect to produce 10,000-12,000 barrels-a-day (b/d) in its initial phase before raising that to 25,000 b/d in a second phase.

Iran’s Mehr news agency reported that Iran is currently looking to only develop its heavy oilfields if outside investors are prepared to back the schemes.

Iran has discovered 18 heavy and ultra-heavy oilfields and estimated proven reserves at these fields total between 70-100 billion barrels.