Iran's Petropars Company is in talks with oil and gas major Royal Dutch Shell to conduct feasibility studies on investment in oil and gas projects, said the company's managing director.
Mohammad Javad Shams told Shana on Monday that negotiations between Iranian companies and their foreign partners are based on new models of oil contracts and Petropars has held talks with several foreign companies including Shell as well as an Italian and German company.
"We have already signed a cooperation document with a German company and negotiations are underway with another foreign company for developing West Karoun oilfield," the official stated.
Established in 1998, Petropars was founded to contribute to the development of Iran's vast energy resources. It specializes as a developer of exploration, exploitation and production in upstream projects.
Royal Dutch Shell, commonly known as Shell, is a multinational oil and gas company headquartered in the Netherlands and incorporated in the United Kingdom. It is the seventh largest company in the world as of 2016, in terms of revenue. Shell paid €1.77 billion ($1.9 billion) it owed the National Iranian Oil Company in March, settling debts after sanctions against the country were lifted in January
