NISOC Contractual Model
NISOC Contractual Model get approval from the board of directors of National Iranian Oil Company (NIOC) on 2nd of October 2016.
In NISOC contractual model Reimbursements and or payment of all direct and indirect costs and expenses will be made solely through allocation of up to 50 percent of the incremental crude oil/condensate production with respect and in addition to the “Depletion Base Line” or up to 75 percent of incremental natural gas production with respect and in addition to the depletion base line. Reimbursements for other products will be done through allocating a part of the revenues gained in line with the market price of such products.
NISOC Contractual model divided to two (2) main category:
Field Based Activities: Including field development/redevelopment,
implementation of improved/enhanced oil recovery projects (IOR/EOR) and
associated production operations.
b. Job Based Activities:
Including all operations relevant to drilling, well optimization and/or surface
facilities which lead to increase production rate.
a. Field Based Activities
The National Iranian South Oilfields Company (NISOC) invites
credible and competent International oil companies (IOCs) and domestic E&P
companies for cooperation in
development of 4 fields including
9 reservoirs in the framework of NISOC contractual model.
The subjected fields are as below:
oilfield (Asmari, Bangestan and Khami
(Asmari, Pabdeh and Khami reservoirs)
(Asmari and Bangestan reservoirs)
requirements for applicant companies:
Efficient technical and operational capabilities for field development
including all of the following:
capability for execution of the project.
financial report of the company for the past 5 years.
Proof of funding.
b. Job Based Activities
National Iranian South Oil Company (NISOC) intends to sign contract with qualified contractors whom intent to Full Finance the new types of EPC/EPD Contracts with bids and tenders exception procedures.
There is also a possibility to sign the new types of EPC/EPD Contracts with bids and tenders exception procedures with companies that intent to off-take crude oil instead of payment at the delivery of each work-package in the contract.
Work description of packages for this new type of contract can be found in the below PDF file "NISOC EPC-EPD Projects.pdf".