ENERGY

Conoco Signs Oil Deal With Iran: The company said it has made a deal with the National Iranian Oil Co. to jointly develop huge offshore oil fields in the Persian Gulf. It is the first energy agreement involving Iran and the United States since Washington severed relations in 1980, the New York Times reported in early editions today. The project that some oil analysts said could be worth $1 billion calls for construction of a natural gas pipeline system running from Sirri Island to Dubai, where the gas will be used in an enhanced oil recovery project, a Conoco spokesman said. Conoco Iran, a Conoco affiliate incorporated in the Netherlands, will act as contractor for National Iranian Oil, whose offshore division will operate the fields. Total oil production is expected to reach 120,000 barrels a day, Conoco said.