Ebrahim Piramoun, CEO of NISOC, stated during a joint meeting with the NIOC Exploration Directorate on Monday (March 10) that NISOC, as the main hub of oil production in the country, holds a vast amount of exploration data and needs to identify and discover new structures in various sectors.

He emphasized that accelerating the finalization of exploration issues and transitioning to development discussions are among their top priorities. Piramoun noted that the Exploration Directorate can determine key production strategies, and data sharing between the two entities will pave the way for effective collaboration and sustainable development.

He added that the exploration process never stops; instead, it enters a new phase after each stage, continually aiding in increasing production and field development.

Identification of 5b barrels of oil in unconventional resources

Mohyeddin Jafari, head of the NIOC Exploration Directorate, praised NISOC's performance in boosting production and described the company as a cornerstone of Iran's oil industry.

He stated that NISOC holds a prominent position in the oil industry, and he hopes that increased synergy will lead to joint efforts to advance the industry's goals.

Jafari outlined the scope of the Exploration Directorate's activities, noting that exploration is conducted in all onshore and offshore areas, including the Persian Gulf and the Sea of Oman, except for the Caspian Sea. Significant progress has been made in conventional resources, and approximately 5 billion barrels of oil have been identified in unconventional resources, with ongoing studies to make their extraction economically viable.

He also highlighted the importance of exploring stratigraphic traps in the Zagros region, stating that while considerable knowledge has been gained in this area, there is still a need to discover new resources. Effective seismic measures have been taken, and geophysical studies of the Haftkel field have been completed, with their conclusion expected in the new year.

Signing of MoU

NISOC and the NIOC Exploration Directorate signed the cooperation agreement to collaborate on exploration, development, and production processes. The primary goal of the agreement is to share experiences, knowledge, information, facilities, and capabilities to optimize resource utilization and enhance project effectiveness.

Other objectives include avoiding duplication of efforts and increasing the scientific and technical capacities of both parties to facilitate and expedite upstream oil processes (exploration, characterization, development, and production).

With the signing of the MoU, both parties committed to expanding their collaboration in various areas, including data sharing, leveraging technical and scientific capacities, and implementing research and development projects. This cooperation is expected to play a significant role in accelerating oil field development and optimizing the exploitation of existing resources.

The meeting explored potential areas of collaboration, including planning for the production of successful exploratory wells, utilizing drilling rig capacities, executing joint seismic projects, technology exchange, leveraging software and hardware facilities, and cooperating on reservoir and geophysical studies.

Additionally, organizing training courses, scientific workshops, and joint research projects were put on the agenda to enhance scientific and operational capabilities, thereby accelerating development and production in the country's oil industry.