French company inks deal for Iranian gas field’s development studies

Business Materials 13 December 2017 17:33 (UTC +04:00)

Baku, Azerbaijan, Dec. 13‎

By Fatih Karimov – Trend:‎

Iran's Research Institute of Petroleum Industry (RIPI) has signed a memorandum of understanding (MoU) with French company Beicip-Franlab for boosting cooperation.

The deal envisages cooperation between the two parties for studying Homa gas field, Touraj Behrouz, head of Reservoir Studies and Field Development Division of RIPI, said, the Iranian institute’s official website reported.

Iranian Central Oil Fields Company (ICOFC) has handed over the comprehensive studies for the field’s development to RIPI, Behrouz said, adding that the Iranian institute singed the deal with Beicip-Franlab for providing the field’s development plan and know-how exchange on advanced upstream processes.

The French firm will transfer technology to Iran, Behrouz said.

Homa field contains 4.74 trillion cubic feet of gas reserves and 58 million barrels of gas liquids.

Homa’s development is among the projects offered to foreigners by ICOFC within the framework of newly designed contracts, called Iran Petroleum Contract (IPC). The field has 16 wells and jointly with Shanoul gas field produces 22 million cubic meters of gas per day.