Hydro eyes Yadavaran
Norway's Norsk Hydro said today that it is bidding to take part in the development of Iran's giant Yadavaran oilfield.
"We have put in a bid for Yadavaran," Norsk Hydro senior vice president Jorgen Kristian Andersen told Reuters on the sidelines of its third-quarter earnings presentation in Oslo.
He said the company was also seeking a licence north of its Anaran block in Iran, where it has a 75% stake.
Yadavaran, formerly known as Kushk and Hosseinieh, lies close to the Anaran block in Iran's south-west.
In July, Iran said that it had made new discoveries in several crude layers at Yadavaran that amounted to more than 3 billion barrels of recoverable crude.
Fellow Norwegian outfit Statoil has also bid for participation in Yadavaran.
