Baku, Azerbaijan, May 6
By Fatih Karimov – Trend:
Iran will sign its first new model oil contract, known as Iran Petroleum Contract (IPC) with OMV, a leading international oil and gas company.
The contract will be signed May 6 on the sidelines of 22nd international Iran Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show 2017) in Tehran May 6, Fars news agency reported without providing further details.
Earlier the Austria-based company signed two memorandum of understanding with the National Iranian Oil Co for development studies of Band-e-Karkheh and Cheshmeh-Kosh oil fields.
Both of the mentioned oil fields are among the dozens of Iran's oil-related projects that require foreign investments for further production and development.
Cheshmeh-Kosh is an onshore oil field located 60 km off southeast of Dehloran city in the Western province of Ilam with 3.740 billions of stock tank barrels of oil in place which currently produces 72000 barrels per day.
Band-e-Karkheh is situated 30 km off northwest of Ahvaz city in south western province of Khuzestan with 3.468 billions of stock tank barrels of oil in place. Currently Band-e-Karkheh field does not produce oil.
OMV was among the 29 foreign oil and gas companies listed by the Iranian Oil Ministry in early January as qualified to take part in any upcoming tender for exploration and production.
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