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Repsol YPF signs exploration contract in Iran

Source: www.gulfoilandgas.com 10/18/2004, Location: Asia

Repsol YPF has signed a contract with the National Iranian Oil Company, NIOC, to explore the Mehr and Forooz blocks in the south of the Persian Gulf, for an initial two-and-a-half year period and an investment of $27 million dollars.

This agreement covers the exploration operations to be realized by Repsol YPF (including geological and geophysical studies, and the drilling of two discovery wells in the aforementioned blocks, which have an overall surface area of 14,600 km2), and may be extended to successive phases if results so warrant.

This contract forms part of Repsol YPF’s strategy to strengthen its exploration portfolio in high potential areas for petroleum and increase operations in the Middle East, which is a priority area for the company, and where it already conducts operations in Dubai and Saudi Arabia. Recently, Repsol YPF, together with Shell, signed a collaboration agreement with NIOC to explore natural gas in Iran.


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