Petropars, Shell Discuss Oil Investments

The Iranian energy company Petropars Ltd. is holding negotiations with oil and gas major Royal Dutch Shell on carrying out feasibility studies for investment in oil and gas projects, Petropars managing director Mohammad Javad Shams told Shana.

Referring to negotiations between Iranian companies and their foreign partners based on new models of oil contracts, he said that Petropars has already talked with several foreign companies including Shell and also an Italian and German company.

We have already signed a cooperation document with a German company and are in negotiation with another foreign company for development of the West Karoun oil field, the official noted.

Established in 1998, Petropars was founded to contribute toward the development of Iran’s vast energy resources. It specializes as a developer of exploration, exploitation and production in upstream projects.

Shell paid €1.77 billion ($1.9 billion) it owed to the National Iranian Oil Company (NIOC) in March, settling debts after sanctions against the country were lifted in January.

(Source: Shana)

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