TEHRAN (PEDCO) -- In a move aimed at expanding their collaborative efforts, PetroIran Development Company (PEDCO) and Masjed Soleyman Petrochemical Company signed a memorandum of understanding (MOU).
The agreement, reflecting their specialized capabilities and effective management, outlines plans for a joint venture to develop the Zilaei gas field and the Bangestan reservoir, based on Iran's new petroleum contracts model (IPC).
According to reports from the Public Relations and International Affairs department, the six-article MOU was signed by Mansour Mehrshad, the CEO of PetroIran, and Farzad Farshid, the Chairman of the Board of Directors of Masjed Soleyman Petrochemicals.
The MOU aims to combine the strengths and potentials of both entities for the successful development of the Zilaei gas field.
Mansour Mehrshad, the acting head of PetroIran, stated on the sidelines of the MOU signing, "Given the demand of Masjed Soleyman Petrochemicals for feedstock in the downstream sector, through negotiations with the National Iranian Oil Company and the National Petrochemical Company, we have pursued the development of the Zilaei gas field, Bangestan reservoir.
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He further emphasized that the preliminary activities for the execution of this agreement would commence in the coming week. The Zilaei gas field, currently producing approximately one trillion cubic feet of sweet gas, has the potential to add three million cubic feet per day from each well.
"With the addition of about 20 new wells, we will achieve a production capacity of 55 million cubic feet of gas per day," Mehrshad added.
Farzad Farshid, the Chairman of the Board of Directors of Masjed Soleyman Petrochemicals, expressed optimism regarding the collaboration.
"We hope that, with the available capacities of Masjed Soleyman Petrochemicals and PetroIran, we can effectively develop the Zilaei gas field and the Bangestan reservoir, reaching acceptable production growth.
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He underscored the potential for development in the region and expressed hope that the MOU would lead to the rapid realization of these crucial objectives.
The collaboration is expected to contribute significantly to the energy sector's growth and development in the region.