NIOC to tender drilling projects to Iranian firms – Petropars

Business Materials 6 May 2018 17:02 (UTC +04:00)

Tehran, Iran, May 6

By Kamyar Eghbalnejad - Trend:

The managing director of Iran’s Petropars Co. said the National Iranian Oil Company (NIOC) plans to tender more than 25 drilling projects to Iranian firms in the current Iranian calendar years, starting from March 21.

The NIOC plans to award over 25 drilling projects on the basis of a package of integrated services that will cover engineering, procurement, drilling and finance (EPDF) sections, Ahmadreza Mardan told the Trend news agency.

He further said that the NIOC has pledged to help finance the projects.

The sanctions imposed by the West against Tehran will have no major effect on the projects, Mardan said, what is important is in fact the development of them under the circumstances and equipment.

He said what needs to be facilitated now is the issue of cash transfer.

Although the nuclear related sanctions were officially removed in January 2016, most of the leading banks appear reluctant to work with Iran being worried about running afoul of the US regulations.

Iran needs foreign investments to search and increase the production potential of its oil and gas fields, since the production capacity of Iranian oil wells annually falls by 8 percent.