Managing Director of National Iranian Oil Company (NIOC) Ali Kardor told reporters on Tuesday that Iran can supply 4 million barrels/day of crude oil and prefers Europe over Asian markets for export of its crude oil.

Speaking on the sidelines of a signing ceremony for development studies over Kish and Darquain gas and oil fields by Italy's energy giant, ENI, he said NIOC is now considering market demand for managing supply of crude oil.

Kardor said the deal to develop South Pars 11 project with the Total is final and is pending of acquisition of final permits by NIOC.

"The text of the contract is finalized and once we acquire the needed permits we will sign it in a matter of a few weeks," he said.

Regarding development of Azadegan oilfield, he said it will take some months before development of the field begins.

South Pars Oil Layer

Speaking of recovering oil from the supergiant South Pars Gas Field, shared with Qatar in Persian Gulf waters, Kardor said NIOC is still in talks with Denmark's Maersk Group for the project, adding a technical model for the project has been offered by the company and NIOC experts are studying the model.

Farzad B

He said NIOC would award the development project of the Farzad B gas field to any bidder that offers the best conditions for its development.

"We are preparing EPCF packages for development of the field; however, NIOC would welcome any other financial model that suits development of the project," headed.