TEHRAN (PEDCO) – The Research Institute of Petroleum Industry and the Petroiran Development Company Limited (PEDCO) have signed a memorandum of understanding (MoU) to cooperate in oil and gas projects.
The document was signed on the third day of the 24th Tehran Oil Show.
On the sidelines of the 24th Tehran International Oil, Gas, Refining and Petrochemical Exhibition, the two companies signed the deal in the field of comprehensive study of fields, new technologies in improving well production and pilot feasibility studies for enhanced oil recovery (EOR).
The most outstanding goals of this memorandum are to improve well-centered oil recovery (early-yield EOR), comprehensive study of reservoirs, presentation of field development plan and preparation of pilot feasibility study of EOR projects.
In this regard, Dr. Tawfiqi, RIPI head, said: "Petro Iran Company is an E&P company that executes field development, operation and EOR projects."
He stressed: "We are pleased that Iranian companies such as Petro Iran have gained the savvy to carry out exploration and production projects, and this is a great service for RIPI to be able to meet the technological needs of these projects."
For his part, PEDCO CEO Sepehr Sepehri underlined the activities and experiences of RPI, saying: “I have been familiar with this large complex for more than 30 years and I have witnessed the extensive services it has offered the Iranian Ministry of Petroleum as well as major foreign companies.”