NIOC: 24 MoUs for signature with international oil executives

EghtesadOnline: Deputy Managing Director of National Iranian Oil Company (NIOC) Gholamreza Manouchehri said on Monday that some 12 Memorandums of Understanding have been signed with foreign oil executives so far and 12 other MoUs will be signed soon.

News ID: ۷۷۲۶۴۳

26 December 2016

The official said that low risk and expense for production of oil and gas are two advantages of Iran for joint venture investment, according to IRNA.

Following implementation of Joint Comprehensive Plan of Action last January, international oil companies began negotiations with Iran for partnership in joint investment projects of Iran's oil industry.

Harsh statements of the US President-elect Donald Trump against JCPOA deal raised concerns for foreign companies about cooperation with Iran oil industry, but, it lost ground afterwards.

Minister of Petroleum Bijan Zangeneh told IRNA that election of Donald Trump to US presidency has not effect on Iranian business with foreign oil companies.

Manouchehri, who is deputy managing director of NIOC for Development and Engineering Affairs, said that NIOC undertook investment guarantee of foreign partners and that investment in upstream sector of oil and gas industry enjoys guarantee as well.

Under the current oil prices, risk for investment in Iran's oil and gas fields are low and that expenses for oil and gas production in Iran in comparison with many other countries is very low, which it doubles motive for investment in Iran's oil and gas industry.

The official said that NIOC signed MoU for exploration study on development of oil and gas fields with 12 international companies including Royal Dutch/Shell, Total SA of France, INPEX of Japan and Russian Gazprom.

Manouchehri predicted that 10 to 12 other MoUs will be signed with international oil and gas companies in upstream sector of oil industry soon.