Under the deal, the subsidiary of state-run National Iranian Oil Co. (NIOC) will produce 1 billion cubic feet of gas per day (Bcf/d) within five years from the field.
The move, announced in the government’s 2021-22 budget late May 11, came as a surprise as it was not flagged in a proposed new framework for decommissioning rules set out last month.
The Liuhua 29-2 field is expected to reach peak production of about 41 million cubic feet of natural gas per day in 2021.
Golfinho is one of dozens of legacy production assets that Petrobras is selling to reduce debt and sharpen its focus on the prolific, deepwater presalt formation.
The development is expected to produce 16,000 gross barrels of oil per day after completion, the company said in a statement.
Development of Iraq’s Mansuriya gas field on the coast near the Iranian border is expected to cost $2.1 billion, Iraq's oil minister said.
The startup is part of the three-phase development of five gas fields.
The deepwater field consists of five subsea wells with a production capacity of 450 million standard cubic feet per day (MMscf/d), Eni said.
The Satellite Cluster gas field will produce gas from four reservoirs using a total of five wells, BP said in a news release.