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NIOC to Sign IPC Deal With Domestic Firm

Direct and indirect costs of the plan are projected to amount to $413 million and $242.7 million respectively
Pasargad Energy Development Company will be commissioned to drill 126 wells in Jofeir and Sepehr fields.Pasargad Energy Development Company will be commissioned to drill 126 wells in Jofeir and Sepehr fields.
The 20-year contract will be the first IPC-based deal signed between NIOC and a domestic company

In line with policies to help expand domestic companies' scope of exploration and production operations, the National Iranian Oil Company will finalize an agreement with Pasargad Energy Development Company to develop two oilfields, namely Jofeir and Sepehr in Khuzestan Province, within the framework of Iran Petroleum Contracts, the country's new model of contracts for oil and gas projects.
According to NIOC's news portal, the signing ceremony is expected to be held in Tehran on Sunday in the presence of the two companies' chiefs, including NIOC’s CEO Ali Kardor and PEDC's CEO Mehdi Mir-Moezzi.
The 20-year contract will be the first IPC-based deal signed between NIOC and a domestic firm and marks Iran's third deal within the newly-developed framework.

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