Iranian Oil Company conducts exploration operations in Mugan region

Photo: Iranian Oil Company conducts exploration operations in Mugan region  / Oil&Gas

Ardebil, Iran, June 3
By Temkin Jafarov - Trend:

Pars Petro Zagros (PPZ), an Iranian Oil Company, is currently conducting exploration operations in the Mugan region (Parsabad, Bilasuvar and Germi), Ardabil governor Majid Khodabakhsh said at a meeting with Azerbaijani journalists on June 3. Mugan is part of the Ardabil province in north-eastern Iran.

Khodabakhsh explained that the first exploration operations in the region were carried out in 1950 by a French company. A Croatian company undertook this work in 2007 and was willing to make investments in order to promote the project.

He also noted that eight exploration wells were drilled in this region and oil was discovered.

"As you know, oil wells in southern Iran produce 10,000 barrels per day, while these wells yield only 200 barrels," he said. "Because of this poor level of productivity, oil has yet to be produced in this region."

"PPZ continues the exploration work," he said. "and should considerable oil reserves be discovered, great investments will be made here."

Follow us on Twitter @TRENDNewsAgency