Ehsan Assadi, explaining the signing of a contract with the National Iranian Oil Company, said the deal includes supplying four onshore drilling rigs – contracted by the National Iranian South Oil Company – and building a fast-processing unit for the Rameshir field, a project requiring an investment of about $140 million.

Regarding the rig supply project, he said the minimum required investment for the four units exceeds $100 million, covering purchase, transport, customs clearance and preparation. "We purchased the first two units without receiving any advance payment. The first unit will be cleared through customs and deployed within the next month, and the second will enter the country within three months."

The Oxyne Petroleum Middle East CEO emphasized the company's commitment to supplying all four units in less than six months, stating, "The impact of these new, modern rigs on increasing drilling speed and efficiency is significant."

Building Confidence for Long-Term Investment

Responding to a question about the Rameshir field fast-processing unit project, Assadi said: "This 10-year contract is an example of the National Iranian Oil Co.'s creative solutions for simultaneously increasing production and processing. We predict that within 14 months, the constructed unit will be able to process 55,000 barrels of crude oil per day. The project will create 120 direct and 250 indirect jobs."

Explaining the benefits of the public-private partnership model, he said: "The new approach of the Oil Ministry and the National Iranian Oil Co. through BOO ('Build, Operate, Own') contracts increases private investors' confidence for operating in long-term periods. This competitive model, based on quality, scheduling and optimal operation, creates more dynamism in the industry."

The CEO described the change in the Oil Ministry's perspective under the current administration as tangible and operational, stating: "Changing the discourse from labeling the private sector as 'contractor' to 'investor' and 'investment-recipient' is a positive development that has been heard in conferences and seen in practice with the signing of these contracts. This shift in approach encourages investors and the entry of new technologies."

New Oil Initiatives in Financial Mechanisms

Assadi noted that Oxyne Petroleum Middle East's activities began in technical drilling services such as hydrogen sulfide gas safety and gradually expanded by adding services like mud logging and waste management. "Today we provide over 80% of technical drilling services," he said.

He cited financing as the most significant challenge for private companies in the current economic climate, adding: "Fortunately, with the Oil Ministry's new initiatives in financial mechanisms, a positive transformation has begun."

The CEO, appreciating the Oil Ministry's positive change in approach, asked officials to further assist the private sector by removing production obstacles, facilitating customs processes and developing supportive financial mechanisms so that these projects are completed on time, leading to sustainable job creation and added value.