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Sinopec advances Iran oilfield plans despite canceled China deal

Sinopec (SNP) reportedly is pushing to start a second phase next year in Iran's Yadavaran oilfield development, a plan Iran says it is likely to approve.

SNP officials are said to be traveling to Tehran next month to discuss plans for ordering equipment such as pipes and whether the deal can be adapted to Iran's proposed E&P contracts for foreign companies.

The push is part of a broader attempt by China and Iran to mend fences after the April cancellation of a $2.5B deal with PetroChina (PTR) to develop the South Azadegan oilfield following repeated delays.

The field currently produces 25K bbl/day, but the new phase would boost output to 135K bbl/day.

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