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Iran inks initial agreement with Italian Eni on drilling

Business Materials 3 November 2015 21:20
Iran has signed an initial memorandum with Italian energy company Eni to increase cooperation in the drilling sector, Mohammad Reza Takaidi, deputy head of National Iranian Drilling Company (NIDC), said.
Iran inks initial agreement with Italian Eni on drilling

Baku, Azerbaijan, Nov. 3

By Umid Niayesh - Trend:

Iran has signed an initial memorandum with Italian energy company Eni to increase cooperation in the drilling sector, Mohammad Reza Takaidi, deputy head of National Iranian Drilling Company (NIDC), said.

He described Iran's energy market as attractive for EU companies, adding that the NIDC is negotiating with Eni and Saipem- Italian oil and gas industry contractor, which is a subsidiary of Eni.

The Iranian official further said that the parties have signed an initial MoU, the official IRNA news agency reported on Nov. 1.

Takaidi anticipated that negotiations will be concluded in new future.

Iran has expressed its readiness to jointly launch drilling projects inside and outside the country with the two Italian companies, he added.

Eni was mostly involved in the development of Iran's South Pars Phases 4 and 5, as well as the Darkhovin oil project. However, it had to leave the area following the intensification of the US-led sanctions against Iran over the past few years.

The company, however, has expressed its readiness to return to Iran's oil industry once the sanctions against the country are lifted.

Meanwhile, Eni's Chief Upstream Officer, Antonio Vella, told an energy forum in Tehran in mid-October that the company plans to use the latest technologies while working in Iran's oil projects, stressing that this is crucial in decreasing the project's costs.

He emphasized, however, that Eni always had used modern technology in all projects it carried out in Iran.

The official further said increasing the efficiency of projects is one of the key advantages offered by Eni, adding that the company wants to use its expertise in its future projects in Iran, as well.

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