The first meeting of the Iranian Exploration and Production (E&P) Companies Consortium was held on Monday, January 13, 2020, hosted by Global Petro Tech Kish.
According to the public relations report, the purpose of this session, which took place at Global Petro Tech Kish with the company serving as the secretariat of the consortium’s working committee, under the chairmanship of Ahmad Qal’ehbani, the CEO of the company, and with the presence of CEOs from 15 E&P companies, was to examine and analyze the formation process of the 15 Iranian E&P companies in a consortium.
Considering the experiences and capabilities of Iranian companies in all surface and subsurface activities in the oil and gas industry, as well as the absence of major foreign IOC companies, the necessity of this initiative, in line with creating national synergy, establishing a larger and stronger structure for the existing Iranian E&P companies, with diverse experiences and expertise, will be highly important for the development of Iran’s oil and gas fields and reducing investment risks in this industry.
At the end of various discussions and conversations on the subject, it was decided to create an SPV company structure and involve all 15 Iranian E&P companies in it. Initially, the consortium and the SPV company will focus on the production of approximately 400,000 barrels of oil per day for two joint fields in the country. Policies, capacities, relevant mechanisms, including trade laws and other key elements, will be examined, and the necessary groundwork for the process will be provided by the consortium’s working group members.