China and Iran to jointly develop oilfield

China and Iran have signed a US$1.76 billion deal to design Iran’s North Azadegan oilfield, state media reported, citing Iran’s state news agency. The project will be jointly developed by China National Petroleum Corp (CNPC) and National Iranian Oil Co. China’s foreign ministry spokeswoman Jiang Yu said the two countries have a normal working relationship on energy policy and that the project could bring stability to the international oil market. The North Azadegan oilfield has estimated reserves of 6 billion barrels, supporting production of 75,000 barrels per day for 25 years.