BAKU, Azerbaijan, March 11. The National Iranian Oil Company (NIOC) is actively carrying out exploration operations across its territories in the Persian Gulf and Oman Gulf, excluding the Caspian Sea, said Mohyeddin Jafari, Head of Exploration Department at the NIOC, Trend reports.
Speaking at a ceremony held on March 10 in Tehran, following the signing of an agreement between NIOC's Exploration Department and the South Oil Fields Company, Jafari emphasized that the exploration process at NIOC is never halted.
With the completion of each phase, the next phase begins. The company's exploration department is committed to increasing production from reservoirs and aiding in their development, he added.
He noted that NIOC has made significant progress in traditional oil fields and continues to carry out major projects.
Jafari further stated that the company is actively researching unconventional oil reserves, with an estimated 5 billion barrels of crude oil identified in this sector. He noted that the economic viability of these reserves is currently under thorough evaluation.
The National Iranian Oil Company (NIOC) disclosed the contract values and locations for seven new hubs in the South Pars gas field, following agreements signed on March 8 with four local contracting companies
To note, a cooperation agreement was signed between NIOC’s Exploration Department and the South Oil Fields Company, focusing on exploration, development, and production. The primary goal of the agreement is to share expertise and leverage skills to improve the utilization of reservoirs.
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