NISOC says negotiations underway with foreign companies for cooperation

EghtesadOnline: Negotiations are underway between National South Oil Company and foreign oil executives including BP, Argentine oil company, Chinese Sinopec and CNPC of China for cooperation, NISOC Managing-director Bijan Alipour said on Monday.

News ID: ۷۳۸۷۲۴

20 December 2016

Alipour said that Ministry of Petroleum targets diversified new model of oil contracts to attract the highest amount of investment and technology, while using the so-called IPC model of contracts, and that NISOC will introduce a special model for oil contracts, IRNA reported.

The model of contract based on which the NISOC has signed several Memorandums of Understanding with international companies was drawn up an aim to attract foreign investment and new technologies.

Ministry of Petroleum on Monday quoted Alipour as saying on the sidelines of a meeting with Iranian manufacturers that his company holds briefing meetings with qualified Iranian as well as foreign companies.

He said two MoUs had been signed with Pergas Consortium and Schlumberger in the framework of the NISOC contract model.

He said that Polish oil and gas company officials are scheduled to pay a visit to Iran in January for talks with the NISOC.

Based on the NISOC contract, the Parsi, Karanj, Rag Sefid and Shadegan fields, consisting nine reservoirs, will be developed.

The nine reservoirs consist Asmari, Pabdeh and Khami reserves in Karanj field, Asmari, Bangestan and Khami reservoirs in Rag Sefid field, Asmari reservoir in Parsi field and Asmari and Bangestan reservoirs in Shadegan field.

Under the contract model, National Iranian Oil Company (NIOC) will be the employer and the NISOC will be executive leading the project on behalf of the NIOC.

The contractor of the project or the qualified Iranian or foreign oil companies will have to finance the projects.