Mohsen Khojastehmehr said on Tuesday at the unveiling ceremony of the new well equipment with a working pressure of 15,000 psi (pounds per square inch): “Based on the production and development agenda of NIOC, we have stepped in the new generation of oil and gas fields development, and the serious plan of under the Raisi administration is to develop Fahliyan and Khami reservoirs.

He continued: “Likewise, the first plan of the National Iranian South Oil Company (NISOC) was presented to the NIOC for the development of a number of fields of the Khami and Fahliyan groups, including Maroon Khami, Ahvaz Khami and Aghajari, and a number of others with an investment of $5.5 billion.”

The NIOC CEO further said this action is being carried out by negotiating with petrochemical companies and their investing and financing, which entails the supply of petrochemical feedstock, light gas supply, and oil production.

Khojastehmehr added: “These fields have special characteristics and high pressure and temperature compared to other geological formations, and unfortunately, the monopoly of the manufacture of these goods and equipment is in the hands of a few American companies, which prevent their sale to our country; for this reason, fortunately, one of the Iranian companies with the order of NIOC has started to manufacture a knowledge-based and technological item for the first time in the country, and with the unveiling of this equipment, we ordered four samples of which two have been built.”

According to him, “among its features is that although its class is 15,000 psi, it has passed the 22 psi test, and this is a valuable measure at the international level, and we should seek to export it.”