Mohsen Khojastehmehr, who paid a visit to NIOC’s Exploration Directorate, said 10 exploration blocks had been earlier offered and the figure has now reached 26.

He added some 2.5 billion barrels of oil equivalent (boe) have been added to the country’s hydrocarbon reserves since the 13th (Raeisi) administration took office.

Exploration projects are the strategic foundations the oil and gas industry rests on, said the NIOC CEO and continued plans have been outlined to award the development project of the 16 new exploration blocks to the private sector, contractors and exploration companies and invest about $1.2 billion to implement it.

Khojastehmehr stated that $1.5 billion have been allocated for the development of exploration blocks in the 7th Plan, adding, “To me, the country’s private sector can afford it and make such an investment.”