PEDEC And Ukrainian Consortium Sign Three-Field Upstream Deal

National Iranian Oil Company (NIOC) Managing Director Ahmad Qalebani told a press conference in Tehran on 20 February that a new upstream agreement for three oil fields had been signed with a Ukrainian consortium. The $800mn deal, between NIOC subsidiary Petroleum Engineering and Development Company (PEDEC) and Inter Naft Gas Prom Pars, a private consortium involving several unidentified “Ukrainian entities”, is for development of the Kuh-e-Mond, Kaki and Bushgan oil fields. These had earlier been allocated to PEDEC and Kish International Petroleum Company, but the project was halted because of difficulty in raising cash from Chinese banks (MEES, 30 January).

Mr Qalebani said the development plan involves the production of 11,000 b/d in a first phase of development of the three fields, which would be raised to 22,000 b/d under a second phase. He said that Kuh-e-Mond is a heavy oil field lying 80km east of Bushehr, with estimated oil in place of 1bn barrels; Kaki oil field lies 15km south of Khormoj with estimated oil in place of 780mn barrels; and Bushgan is located 100km north of Bushehr with estimated oil in place of 340mn barrels.

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