Royal Dutch Shell submitted feasibility studies to the National Iranian Oil Company (NIOC) for developing Iran's Azadegan and Yadavaran oilfields.
Shell and NIOC met on Wednesday to discuss a proposal for developing South Azadegan and Yadavaran oilfields in Iran, oil ministry’s Shana news agency said.
Shell and Iran in December last year singed a provisional deal for exploring potential investment in three of the country’s biggest oil and gas fields including one in Kish.
Iran’s oil and gas reserves — among the world’s largest — reopened to foreign investment last year after the international deal over Iran’s nuclear programme led to the lifting of some international sanctions in January.
Production from these two fields of Azadegan and Yadavaran, could reach 900,000 barrels a day by around 2025, compared to a current production of 175,000 barrels.
Iran is aiming to attract $200bn of investment to revive its outdated energy sector over the next five years. As well as finance, analysts and industry executives say the country needs the technical expertise of the large international oil and gas groups.
Iran’s state energy firm has signed several provisional deals with international companies, the biggest so far of which was a deal with France’s Total and China’s CNPC to develop phase 11 its mega offshore gas field South Pars.