TEHRAN - A consortium of Chinese and Australian firms has won a contract for the development of three Iranian onshore oilfields.

The development projects of the Kooh-Mand, Boushkan, and Kooh-e-Kaki oilfields in the southern province of Bushehr are valued at around $700-750 million, the Mehr News Agency reported.

The technical and economic proposal of the consortium has been approved by the board of directors of the National Iranian Oil Company.

The contract is expected to be signed by the end of the Iranian calendar month of Shahrivar (September 22) after NIOC has approved the proposed financing companies.

The initial development of the plan will take 39 months, the first phase will take up to 52 months, and the second phase will take 81 months.

The three oil fields are expected to initially produce 9,000 barrels of oil per day but their output is projected to ultimately reach 20,000 bpd.

Iran has the world's third-largest proven oil reserves at nearly 138 billion barrels or over 10 percent of the world's total, according to BP's 2010 statistical review. Iran is also the world's fifth-largest oil exporter.

The news comes from http://www.zawya.com    （2010.8.16）