Monday, 19 August 2019 08:42 GMT

Canada, Iran initiate 1st oil collaboration

(MENAFN) A top Canadian company has been put in charge of studying the economic viability of a development project in Iranian Binaloud oilfield.

The ongoing studies will take into account the need for advanced technologies for developing offshore fields, especially that oil in Binaloud field is of heavy type.

Binaloud oilfield is one of the largest hydrocarbon fields in the Persian Gulf, therefore oil reserves in it have been estimated at up to one billion barrels.

Canada is the world's eleventh-largest economy as of 2015, with a nominal GDP of nearly USD1.79 trillion, and is one of the world's top ten trading countries.

Canada, Iran initiate 1st oil collaboration

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