Iran Signs $107M E&D Oil Contract with Norwegian Oil Co

Source: www.gulfoilandgas.com 9/18/2006, Location: Asia

Iran signed a $107 million contract on the exploration and development of an oil block in western Iran with a Norwegian oil company. The oil block, called Khorramabad, is in the western Iranian province of Lorestan and encompasses a plot of land 7,740 square kilometers in area.

The contract was signed between the exploration department of the National Iranian Oil Co. and the Norwegian company Hydro-Zagross, which is a subsidiary of Norway's Norsk Hydro ASA (NHY).

As per the contract, the contractor will have to invest $49.5 million initially on exploratory drillings and seismological operation, and if recoverable oil is discovered it will be allowed to invest an additional $58 million.

The contract on Khorramabad is the fourth of 16 oil blocks that were put on international tender for development in 2004 by the NIOC. The NIOC signed a similar contract with the Chinese oil company China Petroleum & Chemical Corp., or Sinopec (SNP), on the development of Garmsar oil block, Semnan province, earlier this year.

According to reports the NIOC will soon hold international tenders on the exploration and development of an additional 24 oil blocks after ambiguities surrounding their legal status is settled.


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