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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (2607)	6/30/2001 11:05:38 PM
From: Tomas	Respond to of 2742

Factbox - Iran's foreign oil and gas investment contracts DUBAI, June 30 (Reuters) - Following are major oil and gas deals signed and pending between Iran and foreign energy companies. Figures are based on industry estimates. Oil Development Projects Contractor Investment Start Output Doroud Total/ENI $3 bln 2003 220 (1) Salman Petro Iran $850 mln 2003 130 (2) Soroush/Nowruz Royal Dutch/Shell $800 mln 2001 190 Darkhovin ENI $550 mln NA 160 Sirri A&E TotalFinaElf $600 mln 1998 120 (3) Balal Total/ENI/ $300 mln 2002 40 Bow Valley South Pars Gas Development Contractor Investment Start Output Phase 1 Petropars $770 mln 2002 900 Phases 2-3 Total/Petronas/ $2 bln 2001 1,800 Gazprom Phases 4-5 Petropars/ENI $1.9 bln 2004 2,000 Phases 6-8 Petropars/ $2.65 mln 2005 3,000 Enterprise Oil Exploration Blocks Company Mehr (onshore) OMV Munir (onshore) Edison Gas** Zavareh-Kashan (onshore) Sinopec Anaran (onshore) Norsk Hydro Pending: Bangestan Total/Shell/ $3 bln 600 (4) BP/ENI Azadegan Japan group/Shell $3 bln 400 Cheshmeh Kosh Cepsa $500 mln 80 (5) Masjed Sheer Energy NA 25 (6) e-Suleyman South Pars Pending: Phases 9-12 $4 bln * oil production in '000 bpd; ** gas output in MM cubic feet per day (1) output now 150,000 bpd (2) output now 85,000 bpd (3) project completed early 2001, output now 100,000 bpd (4) output now 270,000 bpd (5) output now 30,000 bpd (6) output now 5,000 bpd. money.iwon.com

To: Tomas who wrote (2607)	7/1/2001 8:22:38 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Eni Iranian oil deal may test US sanction policy Financial Times, July 2 BY GUY DINMORE IN TEHRAN Eni, the Italian energy group, has broken new ground in Iran by signing a $920m (GBP654m) oil contract linked to unprecedented performance-related payments likely to set the trend in Tehran's negotiations with other western oil giants. With development of the onshore Darkhoein field, its fourth major oil and gas project in Iran, Eni will be the largest foreign contractor to Tehran. It may also become the focus of concern for the US which has sought, with little success, to curb investment in Iran's energy sector. The US Congress is debating whether to extend, for five or two years, the Iran-Libya Sanctions Act (Ilsa) that permits the president to impose penalties on non-US companies investing in the energy sector of those two countries. But European oil companies appear confident that President George W. Bush will not risk a trade war by levying Ilsa sanctions, which have never been imposed since the act became law in 1996. US oil companies are barred from working in Iran under separate executive orders issued in 1995. Analysts in Tehran said Iran's clerical regime wanted to demonstrate to the US the failure of its oil sanctions. But more interesting to oil majors such as Shell, BP, TotalFinaElf and a Japanese consortium, all negotiating their own future deals, was the nature of the Eni contract that provides for incentives and penalties linked to performance. Iran's constitution forbids foreign companies from holding production-sharing agreements or operating oil fields. But under the "buy-back" system introduced in 1995, overseas groups develop fields to be handed over to the Iranian operator which then pays a pre-agreed amount with the oil produced. After what Vittorio Mincato, Eni CEO, described as "long and complex" negotiations, the two sides agreed on a modified formula whereby the National Iranian Oil Company (NIOC) would have "sole control" over operating the field, but Eni would be part of a joint "production marketing committee". In the second stage of developing Darkhoein, with output set to reach 160,000 barrels per day (bpd), payment to Eni would be linked to 16 production tests over four years, a joint statement said. NIOC has the right after the first two-year stage of development, when output is targeted at 50,000 bpd, to decide whether to proceed with the next stage. Penalties are also set if Eni fails to meet Iranian content.