Baku, Azerbaijan, Nov. 8
By Emil Ilgar – Trend:
Iran unveiled the list of oil and gas upstream projects, to develop which it plans to sign heads of agreements (HOAs).
Iran plans to sign HOAs with foreign companies on development of Tousan, Alfa, Esfandiar, the second phase of Soroush, Band-e Karkheh, Kouhmand, Kaki, Boushkan, Sumar, Sepehr, North Yaran, Kish, Farzad B, Changooleh and Zagheh, Oil Minister Bijan Namdar Zanageh said, IRNA reported Nov. 8.
HOAs include studying the fields, seismic operations, drilling delineation wells as well as preparing the management development programs.
Iran’s Oil Ministry signed an HOA with Tadbiri Energy Group, affiliated with the Execution of Imam Khomeini’s Order (EIKO), on October 4 for increasing the recovery rate of three fields based on the IPC.
The cost of the project is expected to be around $2.5 billion.
Iran signed HOAs with two foreign companies and one local company on South Pars Phase 11 on Nov. 8.
Total will operate the SP11 project with a 50.1-percent interest alongside Petropars (19.9 percent), a subsidiary of NIOC, and the Chinese state-owned oil and gas company CNPC (30 percent).
The project is expected to be worth $4.8 billion.