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The NIOC has signed 25 memoranda of understanding with international oil majors.
The NIOC has signed 25 memoranda of understanding with international oil majors.

Senior Official Positive About Big Deals With Oil Majors

Tehran unveiled 50 oil and gas projects in late 2015 alongside a new model of contracts that is designed to attract foreign investment and technology

Senior Official Positive About Big Deals With Oil Majors

The National Iranian Oil Company is in negotiations with international companies to offer an estimated $85 billion worth of oil and gas development projects, the deputy oil minister for international affairs said on Saturday.
“The NIOC has signed 25 memoranda of understanding with international oil majors and plans are underway to finalize the initial contracts in May," Amirhossein Zamaninia was quoted as saying by ISNA.
"If all the preliminary agreements are approved, we will have signed between $80 billion and $85 billion worth of contracts."
The official did not name the foreign companies or the projects in question. Tehran unveiled 50 oil and gas projects in late 2015 alongside a new model of contracts that is designed to attract foreign investment and technology.
These projects range from exploration and development of joint oil and gas fields to raising the rate of recovery from existing fields.
According to Zamaninia, Iran's revenue from oil and gas condensate export in the first 11 months of fiscal 2016-17 (ends March 20) reached $34 billion. Export of the two products exceeded 2.6 million barrels per day in the first two months of 2017.
Pointing to EU foreign policy chief Federica Mogherini's statement that US President Donald Trump’s administration is committed to full implementation of the Iran nuclear deal, Zamaninia said, "We won't face any major problem in the oil and gas sectors." He did not elaborate.

------- Total Deal
On the prospects of collaboration with France's Total, he said that the company invested over $20 million in recent months in preparing development proposals for oil and gas projects in Iran, notably developing Phase 11 of the giant South Pars Gas Field.
Total CEO Patrick Pouyanne's recently said the company's future in Iran depends on the renewal of US sanction waivers. Pouyanne had said that either the waivers will be renewed "or they (the US) decide to tear up the Iran nuclear agreement. In that case, we'll not be able to work in Iran".
"Total is planning to invest $5 billion in Iran, yet they have their own policies and we understand it," Zamaninia said, stressing that "there are no hard feelings" over Pouyanne's remark about the future of his company in Iran's energy market.
Oil Minister Bijan Namdar Zanganeh said last week the NIOC and Total are still discussing the details of a contract to develop Phase 11 of South Pars following a preliminary agreement signed in November.
Highlighting the importance of collaboration with Total, Zanganeh said the NIOC is working to conclude a final agreement with the company.
Based on the agreement, Total will raise gas production from Phase 11 to around 51 million cubic meters per day in 20 years in tandem with China National Petroleum Corp and an Iranian partner.
Ali Kardor, managing director of NIOC, also reacted to speculations that Total may backtrack on the South Pars mega project.
"Negotiations are underway with Total in Tehran," Kardor said, adding that Total had denied claims regarding their unwillingness to develop the field, "blaming the press for misinterpreting their words".

 

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