BAKU, Azerbaijan, March 16
Trend:
Iran has already taken the first step to develop the second phase of the Iran-Qatar joint South Pars oil field (called Al Shaheen in Qatar), Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr said, Trend reports citing Shana News Agency.
On March 15, 2022, a contract was signed in Iran on the development of the South Pars oil field. Iranian Oil Minister Javad Owji and other officials attended the signing ceremony.
The deputy minister noted that the contract signed between the Iranian Offshore Engineering and Construction Company and the international company is valid for 20 years. The contract is worth $500 million.
“The contract will generate a total of about $1 billion in revenue. As a result of the contract, horizontal excavations will be carried out by using new technologies,” he added.
Khojasteh Mehr said that under the contract, Iran will have new technologies related to oil drilling for 4 years.
Iran's South Pars oil field is a joint oil field with Qatar. The field is located in the Persian Gulf, about 90 km off the coast of Iran. The field contains a total of about 900 million barrels of crude oil.
As many as 7 wells were drilled in the first phase of the South Pars oil field in 2017. About 25,000 barrels of crude oil daily have been producing on one platform since the mentioned period.
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