Operatorship Possible Options Flow Chart

Exploration

IOC

JECO (Joint Exploration Co)

Development

Joint DevelopmentCompany (JODCO)

or NIOC option

Joint Operating (JOPCO)

• IOC in JECO shall be responsible for All Risks, costs, in cases of failure

• NIOC/NIOC affiliate shall be only Technical Partner under leadership of the IOC

• IOC shall be responsible for: All Risks and Costs, and shall Lead the Operation

• IOC (NIOC affiliate/subsidiary) shall be Technical Partner under IOC

ProductionNIOC/NIOC affiliate, Supported by

IOC, Technically & Financially

or

or

or

JODCO

JODCO (only for running the field) +JODCO to support Technically &

Financially

IOR&EOR JODCO for technical & financial

Report Grid

JODCP (prod.operator)

End of Contract