AHVAZ, Jan. 12 (PEDCO) – In a ceremony attended by senior officials from the National Iranian South Oil Company (NISOC), PetroIran Development Company (PEDCO), and Damavand Petro Technology Company, a tripartite Memorandum of Understanding was signed to conduct technical and financial studies and execute hydraulic fracturing operations in selected oil wells.
The agreement sets the stage for a collaborative effort between the three entities to assess and implement hydraulic fracturing in selected wells.
Under the MoU, NISOC will provide well data to Petro Iran Development Group for analysis. Based on the findings, Petro Iran will prepare and present technical and financial proposals for hydraulic fracturing operations to NISOC.
The finalized proposals will then form the basis for further agreements and contractual arrangements to commence operational execution.
The MoU was signed by Ali Daghayeghi, CEO of Petro Iran Development Group; Ebrahim Piramoun, CEO of NISOC; and Hoda Salimpour, CEO of Damavand Petro Technology Company.