• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'

2

Trump pulls back after Iran crosses his red line as U.S. military breaks two-week streak of airstrikes amid talks for potential Hormuz deal

3

'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down

1

The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'

2

Trump pulls back after Iran crosses his red line as U.S. military breaks two-week streak of airstrikes amid talks for potential Hormuz deal

3

'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down
Oil

Chinese Firms Face Competition to Maintain Role in Developing Iranian Oilfields

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
December 24, 2016, 10:16 AM ET
A picture taken on August 20, 2010 shows
A picture taken on August 20, 2010 shows an Iranian flag fluttering at an undisclosed location in the Islamic republic next to a surface-to-surface Qiam-1 (Rising) missile which was test fired a day before Iran was due to launch its Russian-built first nuclear power plant. Photograph by Vahid Reza Alaei — AFP/Getty Images
Add Fortune on Google for similar content.

Iran plans to ask international oil companies to bid for the second phase of development of its Yadavaran and North Azadegan oilfields, a senior official said on Saturday.

That means Chinese firms China National Petroleum Corp (CNPC) and Sinopec, which have played a leading role in developing the fields until now, will have to compete with other firms if they want to maintain that position.

“CNPC would like to extend its North Azadegan contract, but we have announced that …they should take part in the bidding for a new contract,” Gholamreza Manouchehri, deputy head of the National Iranian Oil Company (NIOC), was quoted as saying by state news agency IRNA.

“The Chinese have finally accepted this proposal,” Manouchehri said.

He gave no details on the timing of the tender.

Goldman Says Oil Production Cuts Could Add $6 to Per-Barrel Price

President Hassan Rouhani officially launched the first phases of the Yadavaran and North Azadegan fields as well as the the North Yaran field in November, as the country ramps up its production after the lifting of sanctions.

Yadavaran will have a production of up to 115,000 bpd in its first phase and North Azadegan’s output is 75,000 bpd, the Iranian oil ministry’s news agency SHANA said.

The Chinese firms helped Iran develop the fields after Japanese and European companies pulled out of the country due to sanctions over Iran’s nuclear program.

Iran said in December 2007 that Sinopec would invest around $2 billion to develop the huge Yadavaran oil field.

CNPC signed a deal with Iran in January 2009 to develop the North Azadegan oilfield, a project also worth $2 billion in its first phase.

For more on oil, watch:

In April 2014, however, Iranian news agency SHANA reported that Iran had terminated CNPC’s contract to develop the Azadegan field after the Chinese energy giant ignored repeated appeals to work on it.

While the Chinese companies took part in the first phase of development of the fields, there had been “some criticism of their performance,” IRNA said on Saturday, without elaborating.

“There have also been talks with Sinopec regarding the Yadavaran field for which an international tender is set to be held,” Manouchehri said, according to the IRNA report.

Obama Bans New Oil and Gas Drilling Off Alaska, Part of Atlantic

Yadavaran has reserves of 31 billion barrels of light and heavy crude oil while North Azadegan has 5.7 billion barrels of crude reserves.

Separately, the head of a regional state oil firm in central Iran said 20 tenders would be held to develop new gas and oil fields and boost production at existing ones, the semi-official Mehr news agency reported.

Salbali Karimi, chief executive of the Iranian Central Oil Fields Company, said the projects would require $2 billion in investment to boost crude output by 100,000 barrels per day.

About the Author
By Reuters
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in

katty
CommentaryLeadership
Katty Kay: confidence is the skill that turns thoughts into action—and companies need to start teaching it
By Katty KayJuly 26, 2026
1 hour ago
‘My childhood home is being taken’: Eminent domain for data centers targets properties across a thousand miles of grid expansion in Georgia
EnergyData centers
‘My childhood home is being taken’: Eminent domain for data centers targets properties across a thousand miles of grid expansion in Georgia
By Joshua HongJuly 26, 2026
1 hour ago
Fans Watch Super Bowl LX In California beneath tv screens with betting ads
EconomySports
Gambling becomes America’s favorite pastime as Americans spend more on sports bets than movies, arts, museums, and music combined
By Catherina GioinoJuly 26, 2026
2 hours ago
The Pete behind Jersey Mike’s was only 17 years old when he borrowed $125,000 to buy the chain—with some help from his high school football coach
SuccessFounders
The Pete behind Jersey Mike’s was only 17 years old when he borrowed $125,000 to buy the chain—with some help from his high school football coach
By Marco Quiroz-GutierrezJuly 26, 2026
3 hours ago
Bridgewater Associates ex-recruitment boss reveals the secret ‘unpopularity’ interview test he used on hundreds of candidates at the hedge fund
SuccessThe Interview Playbook
Bridgewater Associates ex-recruitment boss reveals the secret ‘unpopularity’ interview test he used on hundreds of candidates at the hedge fund
By Orianna Rosa RoyleJuly 26, 2026
3 hours ago
One woman holds a "No data centers" sign while another points toward a white house.
EnvironmentData centers
Data centers were actually making electricity costs cheaper, but the $7 trillion buildout with no guaranteed AI demand is threatening the trend
By Sasha RogelbergJuly 26, 2026
3 hours ago

Most Popular

The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'
Real Estate
The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'
By Nick LichtenbergJuly 25, 2026
23 hours ago
Trump pulls back after Iran crosses his red line as U.S. military breaks two-week streak of airstrikes amid talks for potential Hormuz deal
Middle East
Trump pulls back after Iran crosses his red line as U.S. military breaks two-week streak of airstrikes amid talks for potential Hormuz deal
By Jason MaJuly 25, 2026
14 hours ago
'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down
Economy
'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down
By Eleanor PringleJuly 24, 2026
2 days ago
An 11-year-old is cleaning his neighbors' trash cans for $10 each—he now has 100K followers as teens face the worst summer job market since 1948
Success
An 11-year-old is cleaning his neighbors' trash cans for $10 each—he now has 100K followers as teens face the worst summer job market since 1948
By Orianna Rosa RoyleJuly 25, 2026
1 day ago
Jensen Huang made his $172 billion fortune on AI chips. His family's $75 million gift to Vanderbilt argues art decides what technology is for
Big Tech
Jensen Huang made his $172 billion fortune on AI chips. His family's $75 million gift to Vanderbilt argues art decides what technology is for
By Sydney LakeJuly 23, 2026
3 days ago
A Hims cofounder fired his entire marketing team for AI. Now his 24/7 online vet service is growing 20% a month
Success
A Hims cofounder fired his entire marketing team for AI. Now his 24/7 online vet service is growing 20% a month
By Sydney LakeJuly 25, 2026
20 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.