Addressing the official ceremony of transfer and installation of the Phase 11 platform, Mohsen Khojastehmehr added his company officially engaged in the development project of the phase, continuing, “In addition, we put manufacture of platform jacket and second platform on the agenda to complete the development, and the Iranian companies, which signed the related contract, are currently building it.”

The project will help redress imbalance between domestic gas production and consumption, and will also increase the country’s annual revenue by $5 billion.

Azadegan development

The NIOC CEO said development of South and North Azadegan oil fields in southwestern Iran is underway.

Last year, 40 new oil wells came on stream, increasing the daily output by 45,000 barrels, explained Khojastehmehr, adding 40 more wells will become functional this year, which will add 60,000 barrels to Azadegan’s oil production.

A memorandum of understanding (MoU) worth $7 billion was signed in the presence of President Seyyed Ebrahim Raeisi in the previous year, and a seven-billion-dollar contract on integrated development of the second phase of Azadegan field will be inked this year, he said.

Hengam oil output

Khojastehmehr talked of maximum production in Hengam joint oil field in the Strait of Hormuz, the Persian Gulf, stating that Iran-Oman talks on joint production and development are underway.

Iran and Oman signed an agreement on their joint study on shared Hengam oil field last month.

The agreement is aimed at preparing a Master Development Plan (MDP) for the field, and different plans for further development and bilateral cooperation on exploitation of the field.