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Iran Signs a New Oil Contract

Source: Shana 2/21/2012, Location: Asia

Development contract of three oil fields including Kohmond, Kaki and Boshgan was signed between Petroleum Engineering and Development Company (PEDEC) on the one hand and Kishís International Neft and Gasprom Pars on the other hand.

The contract was signed between managing directors of the two companies in the presence of NIOCís managing director Ahmad Qalebani.

During signing ceremony, NIOCís managing director said development plan of the three oil fields would be implemented in three phases.

These contracts are among the 22 contracts which NIOC had planned to sign this year, Qalebani said adding 9 contracts out of 22 contracts have been signed and 3 or 4 other contracts would be signed up to the end of next week.

Expressing satisfaction with executive work of the signed contracts, the official noted that in current year the number of development contracts had doubled while attraction of financial resources has increased by 10 percent in comparison to last year figures. Meanwhile PEDECís managing director announced the value of the contract at 800 million dollars.

The oilfields are set to be developed in two phases PEDECís managing director Naji Sadouni said adding during the first phase which takes 39 months, oil production will reach 11 thousand barrels per day while in 77 month period second phase it will be raised to 22 thousand barrels per day.

In first phase 7 oil wells and in second phase 19 oil wells are scheduled to be drilled. The three oilfields are located in Bushehr province south of Iran.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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