Iran signs deal with POGDC through new format oil deal

Iran has recently signed a deal with a local firm Persia Oil and Gas Development Company (PGODC) through the new format oil sector agreements.

Ali Kardor, Managing Director of the National Iranian Oil Company (NIOC), said that things had been expedited to seal the first contract through the new format of oil sector agreements with a local simply because negotiating with Iranian companies is easier. The official was talking to reporters after a ceremony to sign a contract for the development of Yaran oil field between the NIOC and POGDC–what was carried out through the new format of the country’s oil sector agreements.

The POGDC also won two other deals from the NIOC to improve the recovery rate at two other southern fields, namely Maroun and Koupal.

The Iranian company is expected to invest $2.2 billion in the projects. But under the new contracts, NIOC will set up joint ventures for crude oil and gas production with contractors that will be paid with a share of the output. Different stages of exploration, development and production will be offered to contractors as an integrated package, with the emphasis laid on enhanced and improved recovery.

Previous articleBHEL secures two R&M contracts
Next articleKINFRA to set up Rs 1,864 crore petrochemical park