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Agreement Signed on Expansion of Iran's Balal Gas Field

Source: 9/15/2019, Location: Asia

In the course of the ceremony held for concluding the contract for development of Balaal Gas Field, the Managing Director of Petropars Group stated, “Notwithstanding the fact that the contract value of Balaal Gas Field contract does not compare with that of none of the projects executed at South Pars Gas Field considering that it includes and covers an extensive scope of offshore activities and operations, it will contribute to dynamism of upstream oil and gas companies.

According to a report released by the Public Relations and International Affairs Department of Petropars Group, in the course of the said ceremony which was held on Saturday Shahriver 23, 1398 (September 14, 2019) at the presence of the Petroleum Minister, Managing Director of NIOC, Managing Director of POGC and some high-ranking directors and managers of oil industry, Engineer Hamid-Reza Masoudi commented, “The first outstanding feature of Balaal Gas Field Development Project is the diversity of activities and operations at the offshore section. Further, the extensive scope of activities including field and reservoir studies, engineering, fabrication and erection of jackets, drilling operations, completion of the wells, procurement and erection of platforms and the pipelines are further features of this project.”

On the second feature of Balaal Gas Field Development Project, the Managing Director of Petropars Group stated, “Creation and development of certain mechanisms in the contract concluded for development of Balaal Gas Field for the maximum use of domestic and Iranian technical, engineering, fabrication and manufacture capability is another significant feature of this Project. This quality is very promising for Iranian advisors, consultants, contractors and manufacturers which are active at the upstream section of Iran’s oil and gas sector as they will be able to obtain the largest portion for development of Balaal Gas Field if they comply with and observe the technical specifications in a healthy competition.”

He stressed, “Petropars will definitely spare no effort to attain and achieve the said objective relying on the support extended by the Employer and POGC.”

Engineer Hamid-Reza Masoudi pointed out that Petropars was established as the first general contractor company as the result of the wisdom of the Petroleum Minister. He went on to add, “Petropars stepped into different mega projects of oil and gas industries: projects which earlier looked impossible for an Iranian company to undertake and complete.”

The Managing Director of Petropars further added, “The outcome of the trust of the Ministry of Petroleum in Petropars was the completion of Phase 1, 4 & 5, 6, 7 and 8 plus Phase 12 and 19 of South Pars Gas Field. Put in other words, well over one half of the jointly-owned South Pars Gas Field was developed by Petropars.”

He underlined, “With Petropars having completed national mega projects with their total value measuring well over USD 23 billion, it has now turned into a high-ranking E&P company in Iran’s oil and gas sector. Included among the significant features of Petropars are the existence of seven companies which are affiliated to Petropars and which are highly competent at upstream and downstream sectors. Further, Petropars has over 3,400-strong specialized, experienced and expert workforce plus a competent team of reservoir engineers, an extensive network of counterparts, partners, contractors, commodity suppliers, and in particular some accredited international oil and gas companies: assets which turn Petropars Group into an outstanding prestigious company.”

He added, “The financing capacity of Petropars, having a history of operations and activities in Venezuela and Angola, and completion of the projects Petropars has so far undertaken are included among the advantages and privileges of Petropars.”

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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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