Iran and Turkey will soon finalize an agreement to develop phases 22, 23 and 24 of Iran's South Pars natural gas field, Iran's English-language satellite channel Press TV reported Wednesday, citing a senior oil executive.
Ali Vakili, managing director of Iran's Pars Oil and Gas Company, said, "negotiations with the Turkish Petroleum Corporation (TPAO) and an Iranian group on the development of phases 22 to 24 of South Pars gas field have shown progress," according to Press TV.
Talks will soon be finalized, the senior oil official added, Press TV said.
Iran and Turkey signed a memorandum of understanding last July permitting TPAO to pump 20 billion cubic meters of natural gas from the South Pars natural gas field, according to Press TV.
"We import oil and natural gas. We want to reduce the amount we pay for our imports," said Turkish Prime Minister Recep Tayyip Erdogan, Press TV reported.
"Iran would let Turkey develop three gas wells without a tender process as part of the deal, which will also allow gas to be piped from Iran and Turkmenistan to Europe," Erdogan added, according to Press TV.