Iran Signs $1 Billion Mansouri Oilfield Agreement, Press TV Says

By Ladane Nasseri

May 2 (Bloomberg) -- Iran signed yesterday a contract valued at $1 billion with two domestic companies to develop its Mansouri oil field, Press TV reported, citing a top oil official.

Petroleum Engineering and Development Co. and Energy Tadbir will develop the second phase of the southern oil field, the state-run news channel cited Petroleum Engineering chief Naji Sadouni as saying.

Production at the oil field, near the city of Ahvaz, will be increased by 50 percent to 150,000 barrels a day, according to the report.