The contract was signed on Wednesday between the two companies and is to be completed in a 20-month period. An increase of 16,000 b/d of crude oil production in the three fields is expected by implementing the contract.
The ceremony of signing the contract for engineering services, purchasing items, drilling, completion, commissioning and financing of wells in Sivand, Esfand and Dena fields in the Siri Operation Area of the Iranian Offshore Oil Company, was held on Wednesday.
The EPD (engineering, procurement and drilling) contract was signed by Abdulhamid Esfandiyarpur, IOOC’s deputy director, and Roham Qasemi, CEO of PetroIran, and will be developed with €105 million of investment.
The deal concerns drilling, repair and completion of 13 wells in the three fields, including the drilling of four new wells, re-drilling 6 wells and repairing three others.
The contract will be completely fulfilled by domestic experts and drilling rigs.
Pasargad Energy Development Co. (PEDC) is an independent energy company based in Iran. PEDC is an integrated energy company whose activities span the entire value chain including exploration, production, refining, petrochemicals marketing, power generation & renewables as well as new high-tech venture capitalizing. Our headquarter is located in Tehran. PEDC is present across the Iranian continental shelf and international market through its subsidiaries. We create value for our shareholders through active investment, high-level monitoring of our projects, building world-class partnership and managing our risks effectively and making balanced portfolio. Meantime, we contribute to the sustainable development of the energy sector and communities in our country. PEDC’s competitiveness relies upon our values-based performance culture, with a strong commitment to transparency, cooperation and continuous operational improvement. As a wholly owned subsidiary of the Pasargad Financial Group, with Pasargad Bank being a distinctive shareholder, we owe our success to our experience, management knowledge and strong local/international partnerships since 2008. PEDC is committed to maintaining sustainability and being recognized as the strategic partner of choice in Iran’s energy and petrochemical sector.