NIOC, Barcelona University Ink Exploration Deal

By John Lee.

The National Iranian Oil Company (NIOC) says it has signed a deal with the Spanish University of Barcelona to conduct geological and geophysical studies for discovery of hydrocarbons in Iran.

Hormoz Qalavand, the director for exploration affairs of the NIOC, said the studies will be focused on southern regions of Zagros sedimentary basin and oil rich regions in southern province of Hormuzgan.

He said the deal came into effect last year and the university has conducted 55 percent of the studies it promised under the deal.

The research costs exceeded €2 million which are covered by the Spanish side, he added.

He also said NIOC has signed another deal, valued at $4 million, with Italy’s Università degli Studi di Napoli Federico for related studies in the country’s western oil fields.

(Source: Shana)

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