Deal closing in on Iranian oil field

Deal closing in on Iranian oil field

TEHRAN: Iran will soon finalize a deal on developing its southwestern Bangestan oil field with one of three international oil majors, a government official told the state news agency IRNA on Saturday.

Iran would choose between Royal Dutch Shell, British Petroleum and TotalFinaElf to develop the lucrative oil field, said Ali- Akbar Vahidi Al-e Aqa from the state-owned Oil Development and Engineering Company.

Iran has been in talks over the field, which could yield up to 260,000 barrels of oil a day, since 1998, but negotiations had been bogged down over profit-sharing and the length of the contracts, Vahidi Al-e Aqa said. -- AFP