Mohsen Khojastehmehr, who spoke on the last day of the 27th International Oil, Gas, ‎Refining and ‎Petrochemical Exhibition in Tehran, added the development projects will increase the country’s daily oil and gas production capacities by 25,000 barrels and 28 million cubic meters (mcm) respectively, reported IRIB News Agency.

The executive operations of Farzad B field and SPOL started, stated the CEO of NIOC, continuing that Petropars Company and Iranian Offshore Engineering and Construction Company (IOEC) are in charge of developing Farzad B joint gas field.

According to Khojastehmehr, two billion dollars have been estimated for implementing the Farzad B development project.

The first jacket of the gas field will be installed by mid-March 2024 and the gas extraction operations will start within the next three years, he predicted.

Shifting to SPOL, the NIOC chief explained that a consortium comprising Iranian and foreign companies started the operations worth $500 million.

Seven wells will be repaired and 10 new wells will be drilled, he concluded.