NIDC, PECO Sign Agreement Worth $60m
IRAN NEWS ECONOMIC DESK
TEHRAN – National Iranian Drilling Company (NIDC) and Pezhvak Energy Engineering Services Company (PECO) signed an agreement worth $60m to cooperate on the developmental project of Sepehr and Jufair oil fields in west of Karoun in Khouzestan Province.
According to reports, in a ceremony held on Sunday, the CEO of National Iranian Drilling Company Mr. Seyed Abdollah Mousavi, the CEO of Pasargad Energy Development Company (PEDC) Eng. Mehdi Mirmoezi and the CEO of Pezhvak Energy Engineering Services Company Mr Abbas Qobadi signed the deal. PECO is an affiliated company of PEDC.
The agreement has been drawn up based on the Iranian petroleum contract (IPC) and is considered as the first contract for developing hydrocarbon reservoirs which is signed in the year of surge in production between Iranian companies. According to the contract, NIDC will both drill developmental wells mentioned in the contract and offer the defined integrated auxiliary services in the project.
Addressing the ceremony, Mr. Mousavi pointed to the capacities and capabilities of the company as the biggest specialized parent drilling company in Iran’s oil industry, adding that NIDC has had focal role in drilling of exploration wells in different fields in the country like Sepehr and Jufair and it has enough reservoir information and experience in such fields.
He noted that the company has chosen two of its heaviest and modern drilling machines Fath 93 and Fath 94 for commencing the operation and it will use necessary equipment and experienced experts in the operational, technical and engineering services sectors in order to have a favorable cooperation and interaction with Pezhvak Energy Company based on the fixed schedule.
He said the company is in talks with Pasargad Energy Development Company to cooperate in drilling and completing 10 more wells in those fields, too.
Mousavi added that the company simultaneously will continue its cooperation with its other government and private partners in the project named “development of 28 reservoirs” and it will employ 15 drilling machines and considerable part of its potentials in offering technical and engineering services.
Later, addressing the ceremony, the CEO of PEDC Mr. Mirmoezi hailed NIDC as the biggest drilling company in the country, adding that NIDC has enough capacities for involving in field-based projects both in the country or abroad, expressing that it is expected over 100 wells to be drilled in the developmental project in Sepehr and Jufair fields. He reiterated cooperation between NIDC with private companies will pave the ground for progress and development.
Meanwhile the CEO of PECO Eng. Qobadi, for his part, highlighted activities of the company and its activities regarding the oil and gas projects.