Iran's NIOC: Signing oil and gas contracts going on with foreign companies
Tehran, Iran, Sep.2
Top official at NIOC has announced that talks are underway with the Chinese side on development of the Phase 11 of South Pars gas field and several contracts can be signed by the end of this Iranian year (end on March 21 , 2020).
Referring to the latest status of other oil contracts signed in the form of new oil contracts, Reza Dehghan, Vice President for Development and Engineering at National Iranian Oil Company said that the contract for the development of the Aban and West Paydar fields is being worked on, Trend reports citing SHANA.
‘The Economic Council approved two regulations for Sepehr and Jofeir fields and the implementation phase of this contract will be concluded in the coming days,” he said. “The contract for development of Cheshmeh Khosh, Dalpari and East Paydar fields will be implemented this year."
Dehghan also referred to the continuation of negotiations with domestic and international companies, stating that despite the US withdrawal from the JCPOA, the process of contract negotiations has not stopped.
“The National Iranian Oil Company (NIOC) in 2018, in total, signed 12 agreements with domestic and foreign companies,” he said. “We assume that several development contracts can be signed by the end of the year.”
Referring to the prolongation of some negotiations, he says that many factors, both internal and external, affect the progress and outcome of the negotiations.
Referring to the earning of more than 100 Study Agreement signed between NIOC and domestic and foreign companies he says that the National Oil Company pays no fees for the studies carried out in the framework of agreements.
“It's the other parties that pay for the studies as part of their marketing costs.”
“Each study costs at least $ 1.5 million, so the total value of the studies could be around $150 million,” he noted.