Iran continues producing oil from South Pars despite sanctions

Oil&Gas Materials 6 May 2019 09:27 (UTC +04:00)

Tehran, Iran, May 6


The imposed sanctions have no effect on Iran's oil production, the Managing Director of Iranian Offshore Oil Company Hamid Bord told Trend.

Bord has recently participated in that 24th Iran International Oil, Gas, Refining & petrochemical Exhibition.

He went on to say that Iranian Offshore Oil Company owns some 3,500-kilometer pipeline network.

"Despite international sanctions and pressures, oil exports would not stop. Today around $800 million has been invested in 4 EPC packages (Engineering Procurement and Construction). Approximately $1.5 billion is being invested in Iranian Offshore Oil Company," he said.

"The company has proposed five other packages to the National Iranian Oil Company to be reviewed. The best way to manage joint reservoirs is the cohesive management but unfortunately due to specific political situation and lack of technical agreement the cooperation with the joint fields will never yield results," he added.

Speaking of joint oil production at the giant South Pars field, Bord said that while Iran doesn't have as much facilities as its rival Qatar, its production isn't any less.