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NIOOC to Sign $14 Billion Contracts

Source: Shana 9/24/2012, Location: Asia

Managing director of National Iranian Offshore Oil Company (NIOOC) says the company is engaged in negotiations for signing several contracts worth 14 billion dollars.

Speaking to Shana, Mahmoud Zirakchianzadeh said technical and financial aspects of the contracts had been finalized and necessary procedures were under way for finalization of the contracts.

He added the contracts were concerned to development of Farzad A, Farzad B, Soroush, Esfandiar, Tosan and Alfa fields.

Referring to signing an agreement with Petropars Company on development of Farzad B field, Zirakchianzadeh said: Petropars has started some executive operations such as preparation of Pre MDP and conducting three-dimensional seismic operations.

He added: In addition to preparing of Pre MDP and conducting 3-d seismic activities, Sehar-1 drilling rig has moved to the Farzad A site and has drilled more than 2 thousand meters since entering the site.

NIOOC’s managing director continued that the company had reached an agreement with Khatam-ol-Osia Headquarters on development of Tosan and Alfa fields adding the agreements are concerned to conducting basic studies on development plan of the fields, making preparations and offering technical and financial suggestions.

‘NIOOC is the second biggest subsidiary of NIOC in terms of development of oil and gas fields and will rank the first in terms of signing development contracts within next two years’, Zirakchianzadeh said.

Last year the company signed six billion dollars of contacts, part of which was related to development plans and another part to modernization of facilities.

NIOOC was established in 1980 to develop oil and gas fields in the Persian Gulf. It covers an area which is divided to Bahregan, Kharg, Sirri, Lavan, Qeshm and Kish regions.

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