The National Iranian Oil Company has become the first Middle Eastern company to join the North Sea oil search.
GV EXT. TILT DOWN Britannic House.
ST Two representatives sit down. On left is Dr. Manuchohr Eghbal and on right Sir Eric Drake.
CU Dr. Eghbal listening to official explaining procedure.
SCU Sir Eric Drake signing.
SV ZOOM IN Dr. Eghbal signing
SCU Official witnessing signatures.
SV Sir Eric Drake presents copy of agreement to Dr. Eghbal and pick up pens.
CU Two representatives look at North Sea map oil fields (2 shots)
Initials VS/21.22 VS/22.03
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Background: The National Iranian Oil Company has become the first Middle Eastern company to join the North Sea oil search.
At a ceremony in London on Thursday (23 March) the chairman of the National Iranian Oil Company, Dr. Manuchehr Eghbal, signed an agreement with British Petroleum Limited under which the two companies will explore a concession as a fifty-fifty venture.
Each company will pay its share, but British Petroleum will operate the search using its established bases at Aberdeen and Dundee.
After the signing ceremony, the chairman of British Petroleum, Sir Eric Drake, recalled that the association between his company and Iran goes back to the early days of the century. He added that the move by the Iran company into the North Sea would have been welcomed by the pioneers of British Petroleum.
Britannic House in London - where on Thursday a historic signing ceremony brought the first Middle Eastern Company into the North Sea oil search.
Dr. Manuchehr Eghbal, on the left, is chairman of the National Iranian Oil Company which was signing an agreement with British Petroleum - under which the two companies will jointly explore a North Sea concession on a fifty-fifty basis. Signing for British Petroleum was the firm's chairman, Sir Eric Draks. The concession they'll work is about 100 miles (160 kms) east of the Shetland Islands -- close to recent valuable finds by British companies.
Later, Sir Eric Drake was to refer to the long association between British Petroleum and Iran.
He told Dr. Eghbal that the pioneers of his company would have welcomed the move by the Iranian company into the North Sea search.
At the end of the ceremony, Sir Eric presented the Iranian chairman with a copy of the agreement.
Seismic surveys over the concession are about to begin. Actual drilling will depend on the result of these surveys - and on whether drilling rigs are available. Average water depth in the area is between 4 and 500 feet (120-150m).