Iran signs first oil accord post-Genève negotiations

Iran has signed an initial agreement with Indonesia to revive the country’s outdated oil wells.

Mehr News reported that after more than 24 hours of Iran and Powers nuclear deal in Genève, Iran signed a deal with Indonesia to export technological and engineering services in oil sector to Indonesia.

In a meeting between Indonesian Parliament Speaker H. Marzuki Alie and the head of Iran’s Oil Industry Research Center Hamidreza Katouzian, they signed a preliminary agreement to export technological and engineering services to Indonesia to revive outdated and offline oil wells.

In the meeting, Marzuki Alie demanded that Iran’s Oil Industry Research Center cooperate in joint plans to revive Indonesian outdated oil wells.

Indonesian Parliament speaker told that there were 1000 outdated and offline oil wells and that the necessary technology for reviving them and linking them to production cycle was lacking.

Hamidreza Katouzian welcomed the proposal. “The Research Center is ready to cooperate with Indonesia in the issue, and the implementation of the project is possibly given our rich experiences in oil and gas sector,” he added.

He also suggested Indonesian parliament speaker a proposal to technology transfer, developing international cooperation in exploration of oil reserves.

Iran and Indonesia had negotiated before to export Liquefied Natural Gas (LNG) to Indonesia, but it was aborted with suspension of LNG factory.