NIOC offers Kuwait partnership in Arash

Offshore staff

TEHRAN -- Iran has proposed a joint development with Kuwait of the Arash offshore oil field.

According to National Iranian Offshore Oil (NIOC) managing director Mahmoud Zirakchianzade, the two companies’ petroleum ministers have discussed a program in the past for Arash, part of which is also in Saudi Arabian waters.

Zirakchianzade, speaking to Iran’s Petroenergy Information Network (Shana), says that the cooperation could extend to joint investment, production, and management of the field.

Previously Iran has discussed joint programs with Oman and the UAE concerning the Hengam and Salman oil fields. Zirachzianzade adds that participation in all stages of development and production would benefit all concerned in terms of lower investment, drilling, and exploitation costs.

3/8/2010