Petropars Group and the National Iranian Drilling Company (NIDC) have signed a memorandum of understanding (MoU) on May 5 for future cooperation on oil and gas projects, according to SHANA.

The MoU was signed by Hamid Reza Masoudi, CEO of Petropars, and Sayed Abdullah Mousavi, CEO of NIDC. The two parties of the deal stressed the importance of cooperation in the implementation of future petroleum projects. 

The two companies have vast experience in their respective fields. Petropars, having implemented various projects in the field of oil, gas and petrochemicals, has the capacity to use the services of Iranian contractors in order to strengthen domestic companies. Similarly, NIDC owns 75 onshore and offshore drilling rigs and has the drilling machinery and equipment to provide the drilling services required for Iranian oil companies.