Iran signs agreement with six companies for exploration of oil fields

Business Materials 2 May 2019 14:59 (UTC +04:00)

Baku, Azerbaijan, May 2

By Elnur Baghishov – Trend:

An agreement was signed with six companies to carry out detailed exploration of Parsi, Haftkel, Lab Sefid, Mansurabad, Nargesi and Binak oil fields located in Iran's southern oil zones, said CEO of National Iranian South Oil Company (NISOC) Ahmad Mohammadi, Trend reports referring to ISNA.

According to Mohammadi, the explorations are estimated to last 24 months in Parsi, Haftkel and Lab Sefid fields, and 15 months in Mansurabad, Nargesi and Binak fields.

He added that explorations would be carried out by Iran’s Computer Aided Process Engineering CAPE Group in the Parsi field, by Kish Petroleum Engineering in the Lab Sefid field, by Magma Energy in Mansurabad and Nargesi fields, and by Tehran Energy Consultants in Haftkel and Binak fields.

In his words, it was decided that art of the exploration would be carried out by a foreign partner for the provision of technology necessary for the said exploration.

"The value of the six exploration contracts is estimated at €2.88 billion in foreign currency and 127 billion rials (app. $3.02 million) in national currency," Mohammadi said.