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Firm activity: Exploration of Moghan 2 oil and gas block project in Ardebil province;
Status: Contract signed April 2008;
Commercial activity: Contract worth at least $140 million;
Firm comment: Confirmed activity. Noted contract value is $40 million.
"On 8 April 2008, INA- INDUSTRIJA NA FTE, d.d. signed in Teheran an exploration contract w ith the National Iranian Oil Company (NIOC) for exploration on the Moghan - 2 block in Iran. The contract was awarded after the NIOC's invitation to tender for exploration and development of 17 exploration blocks. INA-INDUSTRIJA NAFTE, d.d. submitted its tender for one block, Moghan-2. The primary purpose of the project is to discover new hydrocarbon reserves through a contract on provision of services with the National Iranian Oil Company. The exploration block Moghan-2 is located in the northw estern part of Iran, in the Caspian region near the border w ith Azerbaijan. It is a low -lying or slightly rolling area of 3,230 square kilometres. In the 1960-ties, four exploration w ells had been drilled on the block, and a significant presence of oil w as determined on tw o of them. On behalf of INA-INDUSTRIJA NAFTE, d.d. the contract w as signed by Josip Križ, Director of Exploration of INA-INDUSTRIJA NAFTE, d.d. Oil and Gas Exploration and Production division. In case of a commercial discovery, the term of the Contract w ould be 25 years, divided into the exploration, appraisal and development phases followed by the repayment period. INA- INDUSTRIJA NAFTE, d.d. will be the operator for exploration and development activities, and NIOC is to take over as the operator in the production phase." (Company Website - Press Release, 2008)