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Norway's Statoil to pay compensation to Iran

Oil&Gas Materials 18 September 2011 11:51
Norway's Statoil company had ended its cooperation with National Iranian Oil Company but it has to pay compensation to Islamic republic since the company left a contract incomplete, Mehr News Agency reported.
Norway's Statoil to pay compensation to Iran

Azerbaijan, Baku, Sept. 18 /Trend A. Qurbanova/

Norway's Statoil company had ended its cooperation with National Iranian Oil Company but it has to pay compensation to Islamic republic since the company left a contract incomplete, Mehr News Agency reported.

Statoil ended its cooperation with National Iranian Oil Company and left the develop contract of Khorramabad exploration block.

According to an official in Oil Ministry, Statoil completed geological and 600 kilometers two dimensional seismic studies in Khorramabad , " it was expected to drill three exploratory wells in the region which did not fulfilled by Statoil," he said.

The negotiations continues between National Iranian Oil Company and Norway's Statoil but considering Statoil failing in completing the contract the Norwegian company has agreed to pay compensation to Iran , he added.

Statoil and National Iranian Oil Company signed exploration contract at Khorramabad block in 2006 to apply geological and 600 kilometers two dimensional seismic studies and drilling three exploratory wells , the block located in west of Iran at Lorestan province.

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