On the sidelines of talks with a Vietnamese delegation headed by Vietnam’s Minister of Agriculture and Rural Development Cao Duc Phat, Iranian minister of petroleum told Shana that a Vietnamese company, that its name was not disclosed, had invested about 20 million dollars in development of the block adding during the meeting it was agreed that the Vietnamese side to speed up development of the field by starting drilling operations.

‘The Vietnamese delegation is visiting NIOC’s director for exploration tomorrow to finalize a timetable for going ahead with operations in the block’, Qasemi told Shana reporter.

According to minister of petroleum, Danan Block is estimated to have good potentials for development but it’s difficult to express a definite view on its reserves before drilling any exploratory well.

During the meeting Vietnamese side also expressed satisfaction with the result of negotiations adding the two countries have had friendly relations since many years ago. 

Vietnam’s Minister of Agriculture and Rural Development Cao Duc Phat said: Oil and gas projects are very important for us adding Iranian minister of petroleum demanded stepping up development of the project.

Development and exploration contact of Danan Block, that is located in Ilam province west of Iran, was signed between NIOC and a Vietnamese company in 2007.