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NIOC Wooing Foreign Investment for 40 H/C Blocks

Source: Shana 9/22/2014, Location: Asia

Iranís state-run oil company is in talks with 15 European and 3 Asian companies to explore hydrocarbon in 40 blocks in Iran, a senior official said.

Hormuz Qalavand, director of exploration at National Iranian Oil Company (NIOC), said: ďNIOCís cooperation with a European university and company in Zagros block is being finalized.Ē

He said 76 blocks have been explored in the past 12 years, 11 of which have been decided upon.

Qalavand said the new blocks will be awarded under Iran Petroleum Contract (IPC) which is Iranís new model of oil contracts.

He said 1.04 billion dollars has been invested in exploration over the past 12 years, noting that three blocks were abandoned half-way due to the imposition of sanctions against the Islamic Republic.

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