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NISOC in Talks with Foreign Companies Based on New Contract Model

Source: www.gulfoilandgas.com 12/20/2016, Location: Asia

Managing Director of the National Iranian South Oil Company (NISOC) Bijan Alipour says his company is in talks with BP, Argentine Oil Company, China National Petroleum Corporation (CNPC), and China's Sinopec Corp based on its new version of contracts.

Alipour told Shana that his company had already signed two Memoranda of Understanding (MoUs) with Pergas Consortium and Schlumberger within framework of the contract tailor-made to the NISOC.

He said Polish oil and gas company officials are to visit Iran in January to hold talks with his company in that line.

The CEO said the model of the NISOC contract is in line with consent of the Minister of Petroleum.

"Hence, Iranian and foreign companies' partnership in Iranian oil industry will be based on the basket of contracts so as to attract capital and necessary technologies," according to Alipour.

He said the sessions fall in line with order of Minister of Petroleum and the approval of the National Iranian Oil Company (NISOC), thus preparing the ground for signing an MoU with the companies within framework of the NISOC contracts.

On announcement and confirmation of the Minister of Petroleum, studies will be made on Parsi, Karanj, Rag Sefid and Shadegan oil fields, including nine reserves, within the framework of the NISOC contract. The Asmari reservoir of Parsi field and the Asmari and Bangestan reserves in Shadegan field will also be studied.

The NISOC, which is the subsidiary of the National Iranian Oil Company (NISOC), has a share of about 80 percent in Iran's oil production. Based on the NISOC contract, the Parsi, Karanj, Rag Sefid and Shadegan fields, consisting nine reservoirs, will be developed. The nine reservoirs consist Asmari, Pabdeh and Khami reserves in Karanj field, Asmari, Bangestan and Khami reservoirs in Rag Sefid field, Asmari reservoir in Parsi field and Asmari and Bangestan reservoirs in Shadegan field.

Under the contract model, the National Iranian Oil Company (NIOC) will be the employer and the NISOC will be executor of the project, while leading the project on behalf of the NIOC. Hence, the contractor of the company or the qualified Iranian or foreign oil companies will have to finance the projects.

The framework of the NISOC contract includes two kinds of contracts, including a contract for development, EOR and IOR and exploitation and the job based contracts, including drilling and well-oriented operations or surface installations.

The contract will be implemented within five years and will be extended if necessary.

All the director or indirect expenditures, the exploitation and financial costs, wage of the contractor will be paid off out of maximum half the extra crude or gas condensate output and up to 75 percent extra natural gas output compared to the baseline offloading. Otherwise, the products will be based on the price of goods sold every day. The repayment can be in the form of delivery of products or the revenues gained out of sale of the products.

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