10-12 MoUs to be signed with foreign companies in oil industry

Shana – Deputy Managing Director of National Iranian Oil Company (NIOC) Gholam-Reza Manouchehri says 10 to 12 Memoranda of Understanding (MoUs) will be signed in oil industry related areas with foreign companies.

Manouchehri said 12 MoUs have thus far been signed with foreign companies in oil industry with foreign companies.
“The NIOC has thus far signed MoUs for study and cooperation in development of oil and gas fields with 12 international companies like British-Dutch Royal Dutch Shell, French Total, Japanese Inpex, Russian Gazprom Neft. 10 to 12 more MoUs are to be signed with other big international oil industry upstream companies soon.”

He said low risk and cost of oil and gas production are two advantages to attract capital.

He added that security of investment in Iranian oil and gas industry is one of the mandates to which the NIOC has been adhering.

He said as far as operation field is concerned, investment in the Iranian oil and gas upstream sector has always been of high security standards.

Manouchehri emphasized that regarding high level of oil price, investment in the world oil industry upstream sector is not highly economically justified and said investment in the project for development of oil fields in deep waters of the Gulf of Mexico or development of unconventional fields of shale oil and shale gas lack necessary economic justification.

He said taking the crude oil prices in the current level, the risk of investment in Iranian oil and gas fields is low. “For the time being, the cost of oil and gas production in Iran is timely low compared to that in many world countries and this has doubled the interest in investment in the country’s oil and gas industries by the international companies.”

The official said international seminars and exhibitions that are organized serve as an opportunity to further introduce opportunities of investment in the country’s oil industry.

“Kish Energy Exhibition Fair in Kish Free Zone can also turn into an opportunity for further acquaintance of investors with opportunities of investment in Iranian oil and gas industries.”

The 13th International Kish Energy Exhibition with an approach of investment will be held in Kish Island from January 9-12 and foreign companies have welcomed the fair more than ever.

The News Headquarters of the 13th International Kish Energy Fair says envoys from Austria, Switzerland, Italy, France, Germany, China, the US, Spain, Russia, South Africa, the Netherlands, Scotland will travel to Iran’s Kish Zone in the final months of the year to take firsthand account of  contribution to Iranian Petroleum Ministry’s investment opportunities.

This year’s Exhibition is to be organized on 18,000 square meters of land with sponsorship of the Ministry of Petroleum, National Iranian Oil Company (NIOC), National Iranian Gas Company (NIGC), National Iranian Petroleum Company (NPC), National Iranian Oil Refining and Distribution Company (NIORDC), Kala Naft Tehran Company, Society of Iranian Petroleum Industry Equipment Manufacturers, Power Industry Syndicate of Iran and the Supplying Petrochemical Industries Part Equipment and Chemical Engineering Company (SPEC).