Oil contracts sealed with Spain, Italy

TEHRAN, Jan. 25 (MNA) – NIOC's exploration director has announced the signing of new oil contracts with Spain’s Barcelona as well as Italy’s Naples.

Following the reaching of an agreement with Russia's Lukoil on looking for hydrocarbon reserves in southern Iran, the National Iranian Oil Company (NIOC) has signed two new oil exploration deals with Barcelona of Spain and Naples of Italy.

The Head of NIOC Oil and Gas Exploration Hormoz Ghalavand referred to the inking of contract between NIOC and University of Barcelona in Spain on a joint geological and geophysical exploration study; “the study area covers the southern part of the Zagros sedimentary basin located in Hormozgan Province.”

The official noted that the study entails new methods in geological and geophysical interpretations to explain the conditions of complex oil structures adjacent to salt domes.

“The heuristic methodology and technology in pursuit of hydrocarbon reserves does not exist in Iran for being limited to some of the world’s major oil companies,” underlined Ghalvand stressing “on the basis of the new contract, the method will be exploited in Iran for the first time.”

He continued that “the deal was reached in the year 2014 while the joint physical phase is 55 per cent through and the costs which mount to two million euros will be financed by the foreign side.”

NIOC’s exploration director also pointed out the inking of a similar deal with the University of Naples Federico II located in Naples, Italy; “accordingly, the same modern method will be applied to the west of Kermanshah Province.”

He further asserted that “after preparing accurate maps, the main objectives would be proposing right spots for carrying out explorative drilling with an emphasis on shared and cross-border structures.”

“The newly signed contract with the Italians is worth four million dollars,” maintained Ghalavand concluding “the agreement was reached in January 2016 and will be fully financed by the foreign party.”

 

HA/3032569

 

News Code 113857

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