Iran, Russia, Turkey sign $7 billion drilling deal

قرارداد نفتی و گازی میان ترکیه، ایران و روسیه

Tehran (ISNA) - Turkey's Unit International has inked a $7 billion agreement with Russia's state-owned Zarubezhneft and Iran's Ghadir Investment Holding to drill for oil and natural gas in Iran.

In a statement, Unit said the three companies had invested a total of $7 billion for the drilling, which would take place at three oil fields and one large natural gas field in Iran, Reuters reported.

The total reserves at the three oil fields stand at 10 billion barrels, and the fields will produce 100,000 barrels per day, Unit said. It added that the natural gas field had a production capacity of 75 billion cubic metres per year.

The natural gas extracted from the drilling will be equal to 1.5 times the 50 billion cubic metres of gas Turkey imports annually, Unit said, adding that the reserves in this field would help meet Turkey's gas demands for the next 150 years.

The consortium will also be able to drill in other parts of Iran, the statement said.

Unit said all three companies had signed the agreement as equal partners, and added that this marked the first trilateral deal an Iranian company signed with foreign partners.

Iran is Turkey's second-biggest supplier of natural gas after Russia and sells about 10 billion cubic meters a year of gas under a 25-year supply deal to Turkey which it uses for electricity generation.

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