Sinopec, a major Chinese oil firm, may soon sign a deal with Iran to develop the huge Yadavaran oil field in southern Iran, Shanghai Securities News said.

Sinopec will hold a 51 percent interest in Yadavaran, one of the largest untapped oil fields in the world, with estimated reserves of over 30 billion barrels, the newspaper said in a report on its website Friday.

India's state-owned Oil and Natural Gas Corporation (ONGC) will have a 29 percent share, while the remaining 20 percent will be reserved for Iranian firms, well-informed sources were quoted as saying.

Sinopec first signed a memorandum with Iran on the development of the oil field in October 2004.

In the latest round of negotiations, Sinopec has agreed to provide equipment and services to develop Yadavaran, the report said.

Source: Xinhua