February 15, 2019
National Iranian Oil Company (NIOC) subsidiaries have signed contracts with local firms to boost the production capacity of nine Iranian oil and gasfields.
The heavily publicized mass contract-signing suggests the regime has given up any hope of getting access to foreign capital and technology in the near future.
But two days after the signing ceremonies, a member of the Iran Chamber of Commerce, Reza Padidar, insisted to the Mehr news agency that 114 small and medium sized foreign firms had expressed their readiness to invest in Iranian oil projects and transfer technology as part of the projects.
However, the mass signing involving only Iranian companies did not give much credence to what he said. The deals were signed January 22 and were valued at a total of $1 billion.
By signing the deals, the fate of nine of a total of 33 development packages was resolved. The 33 projects combined are estimated to require $6 billion in capital over three years.
There were three batches of signings.
The National Iranian South Oil Company (NISOC) signed contracts for development of the fields of Kaboud, Gachsaran Khami, Lali Asmari and Nargesi with Pars Energy-Gostar Drilling & Exploration (PEDEX), National Iranian Drilling Company (NIDC), Petro Gohar Farasahel Kish (PGFK), and Dana Kish Drilling Company.
NISOC signed two other contracts for developing the Mansouri Asmari and Ramshir fields with Oil Industries’ Engineering and Construction Company (OIEC).
The Iranian Central Oil Fields Company signed deals for developing Danan, Saadat Abad and Naft Shahr with MAPNA Group, Global Petro Tech Kish E&P Company and NIDC.