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Several Oil Contracts to Be Signed in 6 Months

Source: Shana 10/4/2016, Location: Asia

Minister of Petroleum Bijan Zanganeh said that several oil contracts will be signed by March 20, marking end of the current Iranian year of 1395.

Zanganeh made the remark on the sidelines of a ceremony for inking HoA to which National Iranian Oil Company (NIOC) and Persia Oil & Gas Industry Development Co. (POGIDC), affiliated to Tadbir Energy Development Group, were signitories.

Zanganeh said the contracts, to be signed by the second half of this year, will be within the framework of the new model of oil contracts.

He said the inking, however, will, to some extent, depend on finalization of the content of agreement, which has been delayed a little a bit.

To a question about which foreign company is now bidding for contribution to Iranian oil projects, Zanganeh said there are many foreign companies.

Zanganeh said up to now, many Memoranda of Understanding (MoU) with the theme of studies have been signed with foreign companies. "Based on several confidential contracts, which have been signed so far, foreign companies are busy studying fields that are subject to the contract."

Asked about the oil market reaction to the OPEC decision about the level of production of its members despite lapse of about one week from the Consultative OPEC Ministerial Meeting in Algeria, Zanganeh said the market reaction has been positive so far and as agreements become operational, better conditions will be seen in the market.

"Especially cooperation on part of the non-OPEC states can be effective," said Zanganeh.

A contract for development of Yaran, Koupal and Maroon fields were signed by the NIOC and Persia Oil & Gas Industry Development Co. (POGIDC), affiliated to Tadbir Energy Development Group on Tuesday. The HoA signed on Tuesday in fact serves as initial step towards conclusion of contracts based on the new scheme of oil contracts with Iranian companies.

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