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NIOC Signs Production Enhancement Deal for 2 Iran Oilfields

 NIOC Signs Production Enhancement Deal for 2 Iran Oilfields

Wednesday، 17 October 2018 | Article Rating

TEHRAN (Shana) -- The National Iranian Oil Company (NIOC) CEO said the company had finalized deals for maintaining and enhancing crude oil production capacity of Sivand and Esfand Oilfields in Siri Operational Area.


Ali Kardor, speaking on the sidelines of an energy congress here in Tehran on Tuesday, said the fields were being operated by the Iranian Offshore Oil Company (IOOC), a subsidiary of NIOC, and the contract was EPC/EPD deals.  

The official added the project underwent 8 licensing rounds and the final draft and the related documents were prepared.

“Regarding financing of the projects, we have planned for issuance of benefit bonds in the stock market which will be issued in October or December at an interest rate of 19%,” he said.

The official further said that NIOC had planned to sell its first crude oil cargo in the Iranian stock market on October 28.

"Selling oil in the energy stock market is profitable, but it's not a market for speculation," he added. “We need to show the nationalism of the investment and pursue the goals by exploiting a combination of financing methods.”

He further said that Iran’s crude oil production capacity could reach 8 million barrels per day provided that it enjoys production enhancement technologies.

“Given that even US oil shale cannot in the long run offset shortages in the market, sanctions on Iran's oil and other producers will cause serious troubles for consumers in the coming years,” Mr; Kardor argued.

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.​

  • NIOC Signs Production Enhancement Deal for 2 Iran Oilfields
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