TEHRAN – National Iranian South Oil Company (NISOC) has finalized three new development packages worth 39 trillion rials (about $928.5 million) for developing southern oil reservoirs, IRNA reported, quoting an oil official as saying.

“The contractors for three new reservoirs have been determined and the projects worth 39 trillion (about $928.5 million) will start in near future,” NISOC Head of Technical Affairs Sadeq Fatholahi said.

According to Fatholahi, Iranian Oil Ministry has prepared 34 development packages for the country’s oil reservoirs, 27 of which worth $4.3 billion are aimed for southern regions.

The reservoir engineer noted that of the total 27 development packages considered for the southern regions, six projects worth 44 trillion rials (nearly $1.1 billion) are currently being carried out by Iranian companies, some of which are already drilling.

“Developing the region’s 28 reservoirs will add 250,000 barrels of new capacity to the region’s oil output while the same amount [250,000 barrels] is also saved through preventing production decline and enhancing recovery rate,” Fatholahi said.

In December 2018, NISOC’s Managing Director Ahmad Mohammadi that the company is going to implement of at least 14 mega projects on oil fields during the first half of the current Iranian calendar year (March 21-September 22).

Making the remarks on the sidelines of a specialized session on preserving and boosting production from the 28 oil fields under development by NISOC, the official also announced that 8-10 new contract packages are being finalized in line with the technical and operating objectives of the company and also creating jobs in the region.

EF/