This news article was originally written in Spanish. It has been automatically translated for your convenience. Reasonable efforts have been made to provide an accurate translation, however, no automated translation is perfect nor is it intended to replace a human translator. The original article in Spanish can be viewed at Repsol YPF firma un contrato de exploración en Irán
Repsol YPF signed a contract for exploration in Iran
21/10/2004
on October 21, 2004
Repsol ypf has signed an agreement with the Iranian State company National Iranian Oil Company (NIOC) for the exploration of two blocks in the South of the Persian Gulf. The contract has an initial duration of two years and a half and includes a commitment to investment of $ 27 million (21,6 million euros to the current change).
The agreement implies that the co-production oil must carry out exploration works which include geological and geophysical studies as well as the drilling of two polls in the blocks of Mehr and Forooz, whose approximate extent is 14,600 square kilometres. Depending on the results, the agreement may be extended in successive stages, he said the company.
Repsol YPF emphasized that the signing of this contract is part of the strategy developed to increase its activity of exploration in high-potential petroleum basins as well as to increase its presence in Middle East, "an area of special interest for the company"which is already present in countries such as Dubai and Saudi Arabia.
Recently, the oil company President Alfonso Cortina signed, along with the Anglo-Dutch Shell, a collaboration agreement with NIOC for the exploitation of natural gas in Iran.
