Qatar bank denies signing Iranian oil investment deal

05 October 2009

Tehran plans to triple production at Esfandiar and Forouzan fields

Qatar National Bank (QNB) has denied signing a $580m deal to finance the development of Iran’s Esfandiar oil field.

Iran’s official energy news agency, Shana, reported on 3 October that Iran Offshore Oil Company (IOOC) had signed a deal with QNB for the field.

However, QNB says it is not aware of any deal and is not considering such an investment.

In August 2008, Iran invited bids for a full study of the field as well as the nearby Forouzan oil field.

It said the study would evaluate the “maximum potential” of oil and gas which could be produced from the field and the prospect of using enhanced oil recovery techniques when retrieving the oil.

The IOOC hopes to triple production at the Esfandiar and Forouzan fields to 150,000 barrels a day (b/d) after development stalled in the last few years.

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