Iran inks first IPC in post-JCPOA

TEHRAN, Oct. 04 (MNA) – An HOA (heads of agreement) was signed between NIOC and POGIDC within the framework of Iran’s new model for oil contracts called Iran Petroleum Contracts (IPC).

The newly-signed agreement marks the first IPC sealed following the implementation of the Joint Comprehensive Plan of Action (JCPOA)

Under the terms of the deal, the National Iranian Oil Company (NIOC) has put Persia Oil & Gas Industry Development Company (POGIDC) in charge of development of and implementation of Enhanced Oil Recovery (EOR) methods in Yaran, Marun and Kupal oilfields.

The first IPC, revolving around development of Yaran joint oilfield, was inked on Tuesday morning at the presence of Iran’s Oil Minister Bijan Zanganeh, chairman of board of directors of POGIDC Gholamhossein Nozari and President of the Headquarters for Execution of Imam Khomeini's Order (EIKO) Mohammad Mokhber.

The developmental contract, meanwhile, was signed by Deputy Head of NIOC for Development and Engineering Affairs Gholamreza Manuchehri and POGIDC Managing Director Naji Sadouni.

Persia Oil & Gas Industry Development Company (POGIDC) marks one of the eight Iranian firms who have been qualified by the Iranian Oil Ministry for conducting activities in the upstream oil sector is also commonly known as the exploration and production (E&P) sector.

Today, in addition to development of Yaran joint field, POGIDC was also entrusted with the task of increasing oil recovery in Marun and Kupal oilfields in the form of two separate contracts.

NIOC had earlier announced that Iranian companies active in E&P areas were allowed to take charge of small and medium-sized fields as well as to seek assistance from foreign firms if need be.

Yaran oilfield, which is being developed in two sections of North and South Yaran, remains as one of West Karun joint fields.

Under a buyback scheme, POGIDC is now developing the northern region of the field and the plan to produce 30 thousand barrels of crude oil per day is on the verge of operation.

HA/3787059

News Code 120274

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