Seyed Shamsuddin Mousavi, who made the remarks in a press conference on the sidelines of the 26th International Oil, Gas, Refining and Petrochemical Exhibition, estimated that the production would be 400-500 million cubic feet when the wells become operational.

According to him, the project is being implemented by MAPNA Group and the Iranian Offshore Engineering and Construction Company (IOEC).

Petropars is a pioneer in the fields of exploration and drilling in Iran, boasted Mousavi, adding that the company – in line with implementation of engineering, procurement, and construction (EPC) contracts – is also the financial supplier of the projects.

He said Petropars has achieved the significant milestone of around 650 million man-hours since its establishment [1998], spending 32 billion dollars for implementing its projects.

The infrastructure projects implemented by the company fetch the country 16 billion dollars per annum, announced the Petropars chief, continuing that the annual revenue is earned through selling oil, gas, and gas condensates.  

Shifting to the drilling operations carried out by Petropars, the CEO said the company has up to now drilled nearly 300 kilometers in its offshore projects.

“Petropars has given more attention to the overseas projects, particularly since the 13th government [the Raeisi administration] took office,” noted Mousavi, referring to the two successful upstream projects the company has conducted in Venezuela and Angola.

He said the country’s minister of petroleum and other officials will discuss the export of technical and engineering services during their visits to other countries.

Dubbed Iran Oil Show 2022, the 26th International Oil, Gas, Refining and Petrochemical Exhibition kicked off at Tehran’s Permanent Fairground on Friday and will run through May 16.

The four-day exhibition is host to 1,200 Iranian and 44 foreign companies or their agents.

Apart from domestic participants representing Iran, foreign companies are from Italy, Spain, the United Arab Emirates, South Korea, Switzerland, Germany, Ukraine, South Africa, and Belgium.