Iran firm snags $2.4-bln field development

Pasargad Energy Development Company (PEDC) has signed a contract to lead the development of two Iranian oilfields, in a first for Iranian upstream companies.

PEDC will develop the country’s Sepehr and Jofeyr fields in a project involving USD 2.4 billion in capex, the Ministry of Petroleum’s news portal reported on Sunday.

With the deal, the company becomes the first local player to alone secure a development deal for one of Iran’s new upstream projects.

Other companies that had been in the running to develop one or both of the fields include internationals Pergas and Chinese Petroleum Corporation of Taiwan and local firms Oil Industries Engineering and Construction and Ghadir Investment Company and Pasargad Gostaresh Energy Company.

Located along Iran’s border with Iraq, the Sepehr and Jofeyr fields – believed to share an extension – are among the joint fields prioritised by the Ministry of Petroleum for development.

The 20-year development plan targets 110,000 bopd in total production from the two fields.

The contract was signed on Sunday between head of the National Iraian Oil Company Ali Kardor and PEDC CEO and vice-president Mehdi Mirmoezi.

In January, Mirmoezi told TOGY the company had submitted its development proposal and was optimistic about winning the contract. He also indicated the company was considering partnering with an international for the development, and had been approached by three IOCs.