Indonesia Invests in Development of Iranian Oil Block
TEHRAN (FNA)- Indonesia's state-run Pertamina and Iranian Offshore Engineering and Construction are expected to develop the Laleh oil block in Iran.
The National Iranian Oil Company (NIOC) is expected to formally award the Laleh oil block to the two companies in mid-August as part of 17 separate oil and gas blocks that the Iranian government recently put on offer for exploration and development, Middle East Business Intelligence reported.
The deal will be under a buyback contract in which the Indonesian energy firm will receive remuneration for its investment in the form of an allocated production share over a 25-year period.
NIOC signed similar contracts with Italian Edison International and Croatia's INA Company in March and April respectively.
The Petrovietnam Exploration and Production Company (PVEP) also signed a four-year buyback contract with NIOC in February to develop the southwestern Danan oil field.
PVEP began implementation of the contract on August 1.
The deal will be under a buyback contract in which the Indonesian energy firm will receive remuneration for its investment in the form of an allocated production share over a 25-year period.
NIOC signed similar contracts with Italian Edison International and Croatia's INA Company in March and April respectively.
The Petrovietnam Exploration and Production Company (PVEP) also signed a four-year buyback contract with NIOC in February to develop the southwestern Danan oil field.
PVEP began implementation of the contract on August 1.
