Iran's Continental Oil Company has taken an important step towards meeting its offshore drilling needs by signing new contracts for the purchase of four offshore drilling rigs worth over one billion dollars. These contracts were signed in the form of supply, ownership, and operation (BOO) agreements between Iran's Continental Oil Company and four domestic investor groups.
Details of the contracts and their significance
The signing ceremony for these contracts was held on Sunday, October ١٨, with the presence of Ahmadreza Rasti, CEO of Iran's Continental Oil Company, Amir Maghiseh, Investment and Business Manager of the National Iranian Oil Company, Salman Khosravi, Deputy CEO of Iran's Continental Oil Company, and the CEOs of the investing companies. These contracts came to fruition after months of efforts and follow-ups and are considered a milestone for the country's offshore drilling industry.
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In this ceremony, Ahmadreza Rasti referred to the importance of these contracts, saying: "We hope that with the entry of drilling rigs into the operational cycle, we can collaborate to develop drilling activities and increase production in the country's offshore fields." He also mentioned the need for Iran's Continental Oil Company for at least ١٣ offshore drilling rigs and added: "With the procurement of these four rigs, part of the company's needs will be met."
Economic and production implications of the contracts
Amir Maghiseh, Investment and Business Manager of the National Iranian Oil Company, also pointed to the importance of the timing of the commitments and reminded that it is expected that with close cooperation between the employer and investors, the entry of the rigs into the operational cycle will occur without delay. He emphasized that these contracts are aimed at increasing the country's oil production and providing the necessary logistics and equipment.
He also announced that these contracts are concluded within the framework of public-private partnership agreements and based on Article ٢٠ of the Seventh Development Plan. Maghiseh added: "The managers of Iran's Continental Oil Company accepted the responsibility for this action despite the administrative difficulties and complexities, and the colleagues of this company played a significant role in bringing it to fruition."
Ali Daghaghi, CEO of PetroIran Company, also expressed hope for the successful implementation of these contracts, referring to the selection of suitable rigs for operation in the Persian Gulf fields and said: "The supplying companies have selected suitable rigs through continuous follow-ups, and we hope to fulfill our commitments within the designated timeline."
These contracts are described as a new model in the oil industry and are considered a valuable and strategic action with the entry of investors into the production sector. Alireza Salmanzadeh, CEO of Sina Energy Development Holding, also emphasized the importance of forming this new contractual model and said: "The entry of investors into this field indicates their trust in the productive and generative sector of the country."
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