NIOC ready to entrust development projects to Iranian E&P companies
Tehran, Aug 13, IRNA – Deputy Minister of Petroleum and Managing Director of National Iranian Oil Company Ali Kardor said on Saturday that the NIOC is ready to entrust projects for development of the small and mid-sized oil and gas fields to qualified Iranian companies under certain conditions.
Kardor said that general framework of the new oil contracts have been adopted by government and after certain procedures and preparatory works, the drafts will be enforced.
He said that the company will cede the projects to the group of companies that have necessary requirements for the E&P companies.
He said that the companies can be active in the small and mid-sized fields as main operator benefiting from services of the international companies that enjoy foreign capital and technology.
He said that activity in the upstream sector of the oil industry will be possible using capital, technology and management and access to each of those will not be so easy but needing risk taking.
He said that if Iranian companies were successful to meet the standards, the NIOC will be ready to sign development contracts with the domestic company.