ZN Vostok CEO says Russian company has invested over $500m in Iran oil projects

SHANA (Ahvaz) – Russia’s ZN Vostok (ZNV) has invested more than $500 million in Iran’s oil projects, said the company’s managing director.

Speaking via videoconference during the inauguration ceremony of Iranian oil and gas projects in southwestern province of Khuzestan on Tuesday, Ismagilov Azamat Faritovich added, “Out of the figure, $170 million have been invested in the Cheshmeh Khosh oil field development project.”

According to him, the daily production of Cheshmeh Khosh field has risen to over 62,000 barrels from 48,000 barrels.

ZN Vostok is currently using three drilling rigs there, said the CEO, adding the Russian company will add another for drilling six wells.

According to the contract, he continued, ZNV drills 20 wells and installs 22 downhole pumps in Cheshmeh Khosh oil field.

Cheshmeh Khosh oil field is located in the south of Ilam Province and northwest of Khuzestan Province.

News ID 637477


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