NIOC signs 28 MoUs with oil companies in post-sanctions era

Shana — National Iranian Oil Company (NIOC) has inked 28 memoranda of understanding (MoUs) with Iranian and international energy companies in the post-sanctions setting for developing oil and gas projects across Iran.

Signature of the documents was made possible thanks to implementation of the Joint Comprehensive Plan of Action (JCPOA), the landmark nuclear deal Tehran signed with the P5+1 group of countries on its nuclear agenda. The deal was enforced in July 2015.

From among the MoUs, one has turned into a contract which was signed by NIOC and a consortium comprising Total, CNPCI and Petropars on July 3.

Moreover, National Iranian South Oil Company signed a deal with Japan’s Toyo and Petropars for renovation of facilities and boosting production of Salman Oilfield on July 17.

Russia’s Lukoil, Zarubezhneft, Tatneft and Gazprom are also among signatories of MoUs for developing several oil and gas fields in Iran.

A number of other deals will be signed with Iranian and foreign energy firms before the end of the current fiscal year to March 20 2018.