By OGJ editors
HOUSTON, Oct. 20 -- Repsol YPF has signed a $27 million contract with National Iranian Oil Co. (NIOC) to explore the Mehr and Forooz blocks in the south of the Persian Gulf for 2 ½ years.
The agreement covers exploration operations, including geological and geophysical studies, and the drilling of two discovery wells in the blocks, which have an overall surface area of 14,600 sq km.
The contract forms part of Repsol YPF's strategy to strengthen its exploration portfolio in high potential areas for petroleum and increase operations in the Middle East.
In addition, Repsol YPF and Royal Dutch/Shell recently signed an agreement with NIOC to explore for natural gas in Iran.
