According to the company, Hamid Reza Masoudi said winning the project meant a lot to the company, adding the project was put to tender by the Iranian Offshore Oil Company (IOOC) as employer in an EPC-EPD contract and is awarded to a consortium of Petropars and Iran Shipbuilding & Offshore Industries Complex.

Petropars will lead the consortium, he said.

The project will entail drilling 12 new wells in the field, 11 workovers, 3 re-entries and construction of three sea pipelines of 27 km length and installation and construction of two platforms and the required cables.

The €290m project could help diversify Petropars’s activities and services, Masoudi added.

Forouzan Oifield is located 100 km off southeast of Khark Island in the Persian Gulf. Iran shares the field with Saudi Arabia.