Iran continues discussions with UK’s Pergas International Consortium

Business Materials 2 May 2019 12:15 (UTC +04:00)

Baku, Azerbaijan, May 2

By Elnur Baghishov – Trend:

Iran continues its negotiations with the UK’s Pergas International Consortium on the Karanj oil field, located in Iran’s southwestern Khuzestan Province, said Ahmad Mohammadi, CEO of National Iranian South Oil Company (NISOC), Trend reports referring to Mehr News Agency.

According to Mohammadi, hopefully, these discussions will result in an agreement.

Mohammadi added that production is, of course, currently underway in this field, and it is even provided with gas for oil extraction.

"With the participation of the Pergas consortium, the development will accelerate," he said.

Noting that the annual natural gas production in the southern oil fields of Iran have declined by 10 percent, he said that various steps, including repairs and sidetrack drilling, are used to compensate for the decrease.

Commenting on the volume of oil production in the southern oil fields, Mohammadi said that 3.5 million barrels of oil are produced daily without the implementation of development programs.

"Currently, Iran's oil production and exports are under sanctions. The problems faced by this process are undeniable. Iran has proved that it will overcome these problems," he said.