TEHRAN (PEDCO) -- In a significant move aimed at expanding collaboration in the offshore sector, PetroIran Development Company (PEDCO) and Khazar Oil have signed a memorandum of understanding (MOU). The agreement leverages their expertise, managerial capabilities, and execution prowess for mutual benefit.
The cooperation agreement was signed during the 14th Khuzestan Oil and Gas Exhibition. The signing ceremony involved Masoud Parsi, the acting head of Khazar Oil, and Mansour Mehrshad, the head of PetroIran.
The agreement, entered into on the sidelines of the exhibition, focuses on fostering scientific, technological, executive, and educational collaborations to address the country's industrial needs.
It aims to establish a strategic interaction between Khazar Oil, represented by Masoud Parsi, and PetroIran, represented by Mansour Mehrshad.
One of the key aspects of this agreement is the intention of both parties to conduct a long-term pilot production test in the Sardar Jangal field.
This involves thorough feasibility studies, conceptual analysis, safety considerations, economic analyses, and various technical aspects such as well selection, reservoir completion, wellhead equipment, sea bed conditions, hydrocarbon transportation, surface processing equipment, and the reception point of the produced hydrocarbons on the shore.
Furthermore, the agreement outlines the commitment to indigenous construction and localization of equipment used in the naval fleet of Khazar Oil.
It includes the assessment of constructing necessary equipment for future operations, especially in the Caspian Sea, where certain equipment is not readily available, such as Floating Production Storage and Offloading (FPSO) vessels.
Alireza Daneshi, the CEO of the National Iranian South Oil Company, expressed optimism about the potential impact of such agreements on society, stating that he hopes this MOU leads to tangible contracts and contributes to overcoming existing challenges and sanctions.
Daneshi emphasized the need for thorough examination of the unique potentials, acknowledging that further discussions are essential. He expressed readiness for collaboration and assistance in achieving the outlined objectives of the MOU.
Mansour Mehrshad, the acting head of PetroIran, highlighted the company's unique position in maritime and offshore activities, especially in the realm of FPSO in Iran. He mentioned the numerous meetings held with Khazar Oil, anticipating that PetroIran can provide valuable services to the company in various aspects.
Mehrshad added that the Caspian Sea has faced neglect in recent years, but it holds great potential. PetroIran is well-equipped to engage in upstream discussions, equipment supply for offshore operations, FPSO considerations, and hydrocarbon transportation.
Masoud Parsi, CEO of Khazar Oil, commented on the strategic nature of this agreement.
Given PetroIran's experience in various maritime fields, he stated that the collaboration could extend to cover upstream discussions, equipment supply, safety measures for well drilling and abandonment, financial resourcing for exploration operations, and providing necessary tools for exploration and development activities in priority blocks of the southern Caspian basin.
Parsi also emphasized the importance of domestic production and localization in line with the capabilities of PetroIran Holding.
He concluded by expressing his hope that the collaboration between Khazar Oil and PetroIran will contribute to the country's employment rate and increase its revenue through strategic oil and gas development.
As the energy giants PetroIran and Khazar Oil embark on this collaborative journey, the Iranian oil and gas sector anticipates potential breakthroughs that may pave the way for sustainable development and utilization of the valuable resources in the Caspian Sea region.