Iran seals 33 oil MoUs in post-sanction era

EghtesadOnline: National Iranian Oil Company (NIOC) has so far signed 33 oil MoUs with 28 domestic and foreign firms since the implementation of Iran deal also known as the Joint Comprehensive Plan of Action (JCPOA).

News ID: ۷۴۲۹۴۵

23 July 2017

Being the fruit of a series of difficult and lengthy negotiations between Iran, world’s major powers and the European Union (P5+1+EU) over Tehran’s nuclear activities, the JCPOA was finally signed by all sides in Vienna on July 14, 2015, IRNA reported.

As an example France's Total Company, China's National Petroleum Corporation International (CNPCI) and Iran's Petropars signed deal on July 3.

Meanwhile, on July 17, the NIOC sealed MoU with Petropars and Toyo Engineering Corporation to renew facilities and increase production at Salman gas field.

Russia has the biggest share among foreign countries in signing MoUs with Iran.

Lukoil, Zarubezhneft, Tatneft and Gazprom Neft companies are responsible for studying Abteymour Oil Field, Paydar Gharb oil field, Dehloran Oil Field and Shadegan oil field, respectively.

According to Resistance Economy Headquarters, the NIOC is required to implement 10 contracts on developing oil and gas field up to the end of the current Iranian calendar year (Ending on March 20, 2018).

Iran needs 200 billion dollar investment to develop oil industry which should be supplied through foreign sources.

National Iranian Oil Company (NIOC), Total, CNPC and Petropars on July 3, signed a 4.8-billion-dollar contract for development of South Pars Gas Field phase 11.

Total will operate the SP11 project with a 50.1 percent interest, while Iranian Petropars Company and the Chinese CNPC will have a share of 19.9 and 30 percents, respectively.

The 4.8 billion-dollar contract is the first major gas and oil agreement since anti-Iran sanctions relief after implementation of the historic nuclear agreement between Iran and world major powers (the United Nations Security council permanent members plus Germany) in 2015.

The project, when completed, will add 56 million cubic meters per day to Iran's share of gas in the joint South Pars Oil Field with Qatar.