Pergas-NISOC NDA contract another example of foreign investment

Tehran, Nov 23, IRNA – Managing Director of Pergas Consortium Colin Rolwley said on Wednesday that conclusion of an oil deal with National Iranian South Oil Company (NISOC) is another example of foreign investment in Iran. Rowley made the remarks in an address to ceremony to ink the contract with Iranian petroleum industry about joint venture investment, training workforce and transfer of technology. He said valuable works can be done in the oil field in Iran with regards to abundance of experts in the NISOC and investment by Pergas. He said that for development of oil fields and reserves, the Enhanced Oil Recovery (EOR) technique would be utilized to enhance oil recovery and create jobs. 'The companies being member to the consortium, would prepare a complete cycle for development of oil fields.' In the meantime, Managing Director of AGR Company Iain Morrison said that the EOR technique can be used for development of the oil fields, drilling and management of reserves. Morisson said there is a drilling company in Norway with record of drilling oilwells in the Middle East. He said there is a very good group in Norway specialized in education of technicians working in the oil and gas industries and to this end a contract has been signed with Sharif University of Technology for providing education for students in oil and gas industries and for transfer of technology in a special manner. Meanwhile, talking to reporters on the sidelines of the inking ceremony, Rowley said his company is willing to undertake the project for development of Iranian oil fields. 'We came to Iran since six years ago and since then we carried out explorations and studies on oilfield and now reached the contract.' Noting that there is no problem with finance, he said, 'We are much interested to start work as soon as possible.' 'Now we have necessary capital for enforcement of the Memorandum of Understanding (MoU), ready to transfer it to Iran. If financial situation envisioned by the contact allowed, we will soon start work. The volume of investment will be specified in the future.' AGR Managing Director told reporters that they were very happy to cooperate with the NISOC. 'We have two objectives: One is academic and we've signed a contract with Sharif University of Technology for the purpose and another one is operational in nature.' He added that upon receipt of information, we will study which technology for development of fields we should transfer to Iran.' The NISOC and International Pergas Consortium signed oil MoU and Non-Disclosure Agreement (NDA) in Ahvaz city on Wednesday to study Karanj oil field and Shadegan oil field. The NDA is a legal contract between at least two parties that outlines material, knowledge, or information that the parties wish to share with one another for certain purposes, but wish to restrict access to or by third parties. It is a contract through which the parties agree not to disclose information covered by the agreement. NISOC Managing Director Bijan Alipour said that the agreement with Pergas was signed following 60 sessions of discussions with 33 domestic and foreign consortiums. Pergas is a consortium of European, Canadian and Asian firms as well as the Sharif University of Technology of Iran and is to carry out studies over the two Iranian oilfields. Alipour added that four oilfields and nine reserves have been ceded to NISOC. 1378/IRNA