Iran Dishes Out 13 Oil Deals Worth $1.7B



Iran Dishes Out 13 Oil Deals Worth $1.7B
The Iranian Offshore Oil Company and the National Iranian South Oil Company have signed 13 contracts with 14 local players worth around $1.7 billion.

The National Iranian Oil Company (NIOC) announced Monday that the Iranian Offshore Oil Company (IOOC) and the National Iranian South Oil Company (NISOC) have signed 13 contracts with 14 local players worth around $1.7 billion (EUR 1.5 billion).

The deals will be implemented in the provinces of Khuzestan, Fars, Kohgiluyeh and Boyer-Ahmad, Bushehr and Hormozgan, according to NIOC, which outlined that 185,000 barrels will be added to Iran’s daily crude oil production capacity as a result of the contracts.

NISOC handed out 11 deals, with the other two offered by IOOC. Contractor companies which secured awards included Global Petrotech Kish Company, Petro Iran Development Company, North Drilling Company, Iran Offshore Engineering and Construction Company and Petropars. The related projects for the awards included the Ramin, Mansourabad and Maroon developments.

At the signing ceremony for the contracts on Monday the Deputy of Development and Engineering Affairs at NIOC, Reza Dehghan, said the main goal of the projects was direct and indirect employment for Iranian manufacturers and contractors. Dehghan added that each of the contracts were worth between $160 million (EUR 135) and $224 million (EUR 189 million).

NIOC has been responsible for the policy-making activities of Iran’s oil industry - including exploration, drilling, production, research and development, as well as oil and gas exports – since 1941, according to its website.

IOOC, which is a subsidiary of NIOC, is one of the world's largest offshore oil producing companies, its website states. NISOC, another subsidiary of NIOC, counts several oil fields, their equipment, installations and factories related to oil production, pipelines and oil conduction facilities as part of its assets.

Earlier this month, Iran’s minister of Petroleum, Bijan Zangeneh, outlined that activities in the Iranian oil industry had continued “vigorously” for more than two years since U.S. sanctions were imposed on Iran.

To contact the author, email andreas.exarheas@rigzone.com



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