European firm set to sign oil contract with Iran

An unnamed European company has voiced its readiness for operating enhanced recovery projects in Iran, an official with the National Iranian Oil Company (NIOC) says.

“This European company will soon sign a cooperation agreement with the NIOC Exploration Directorate for conducing front-end studies in exploration zones,” Karim Zobeidi said on Tuesday.

He added that representatives of the company, which he did not name, recently held intensive talks with NIOC officials for the development of hydrocarbon fields as well has enhanced oil recovery (EOR) projects.

Zobeidi stated that the NIOC Exploration Directorate is finalizing the terms of the contract to be signed with the European firm.

Last month, a top aide to Iran’s Oil Minister Bijan Namdar Zanganeh said world oil giants plan to return to Iran in light of the easing of sanctions against the Iranian energy sector.

“Companies like [Royal Dutch] Shell and British Petroleum (BP), Malaysia’s Petronas, Spain’s Repsol and several other big world oil and gas companies will return to Iran and oil activities with these companies will resume,” Mohammad Souri said.

France’s Total and Italy’s Eni have also expressed their willingness to resume work in Iran.

Earlier this month, Russia’s second largest oil producer, Lukoil, said the country’s oil companies are ready to return to Iran energy market.

On January 20, the Council of the European Union suspended part of the sanctions it had imposed against Iran following the nuclear deal between Tehran and the six world powers – the United States, Britain, France, China, Russia and Germany – in Geneva, Switzerland, in November 2013.

By Press TV


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