Keyvan Yarahmadi stated that it is expected that this contract will be ratified and take effect before the end of the current Iranian year (March 20).

Yarahmadi noted that in the third month of the current Iranian year, the National Iranian Oil Company (NIOC) issued a preliminary agreement to the contractor.

Following this, activities such as PAA (including subsurface studies, mine clearance, and quality control/assurance for drilling locations and access roads to four wells), procurement of essential goods for drilling one well, construction of access roads and well pads, purchase of multiphase pumps, and preparation of tender documents for certain bids have been initiated by the contractor.

Yarahmadi emphasized the scale of these activities, noting that such a volume of work under a preliminary agreement has not been seen before in previous oil contracts (IPC).

Efforts have been made to ensure that, given the time-consuming nature of obtaining upstream approvals for the IPC contract, the contractor could proceed with low-cost yet time-intensive developmental activities to expedite the field's development.

He continued: "Through numerous specialized meetings with representatives from the Planning and Budget Organization and presenting supporting documents related to the technical work scope, financial estimates for the project, and development goals for the Azar Oilfield, we successfully obtained the Economic Council’s approval for Phase 2 development.”

The official went on to say that “This approval, under new oil contracts, involves an investment of more than $1 billion and was secured during the Azar meeting. It is expected that, with the contractor fulfilling the prerequisites outlined in the contract and completing the required procedures on the employer's side, this contract will be ratified and take effect before the end of the year."

Yarahmadi also mentioned the upcoming launch of the Dehloran Gas and Liquefied Gas Plant (NGL-3100), stating that the gas boosting and de-salting facilities for associated gases from the Azar field, which have been completed for some time, will soon be operational and ready to send gas to the plant.

This will mark the completion of all Phase 1 activities for the field's development, with the milestone—representing a key point in the project's progress—reached. The successful completion of Phase 1, with all contractual objectives achieved and Iranian participation exceeding 70%, has resulted in the production of 83 million barrels of oil and nearly $6 billion in foreign exchange revenue.

He also underscored the importance of maintaining workplace safety and enhancing safety standards in the project. "Sarvak Azar Company, as the contractor for the Azar Oilfield development project, has recently been awarded the title of 'National Employer of the Year 1403 in Health-Focused Employer Category' at the 14th Health-Focused Employers and Best Worker Health Houses Festival. This achievement is a testament to the efforts and dedication of everyone involved in the project."