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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Nikole Wollerstein who wrote (6034)	2/16/1999 2:28:00 PM
From: Robert Raymond	Read Replies (1) \| Respond to of 24892

To anyone: This out on reuters today. Anyone follow Bow Valley? Any info would be appreciated. Regards Robert Raymond TEHRAN, Feb 16 (Reuters) - A top economic council in Iran has approved a $200 million deal with Canada's Bow Valley Energy and Britain's Premier Oil to develop a Gulf oil field, Iran's official news agency IRNA reported on Tuesday. IRNA quoted a Canadian diplomat in Tehran as saying Iran's Supreme Economic Council approved the deal to develop the offshore Balal field two weeks ago at a meeting chaired by Iran's President Mohammad Khatami. It quoted the diplomat as saying the project was worth $200 million and was to be completed over a period of two years. The report said the Balal field in the Gulf had reserves of 80 million barrels of oil, and that the project aimed to establish production of 35,000-40,000 barrels per day. Other estimates have put reserves at 105 million barrels. The two firms said they had formed a joint venture to develop the field in August. Premier joined Bow Valley after an Indonesian oil company pulled out.