The National Iranian Oil Company’s (NIOC) CEO declared that a strategic plan of roughly $900 million will be launched in the province of Khuzestan’s upstream oil industries.
Mohsen Khojste Mehr said in the ceremony of starting the implementation of the four strategic plans of the NIOC that “We believe that the development of the oil industry should be balanced with the fulfillment of social responsibilities. Therefore, today we will implement three strategic plans along with 23 public benefit projects.”
He claims that among the plans whose executive operations or contract enforcement ceremony will be officially carried out today are the development plan for the Yaran oil field’s second phase, estimated to be worth $400 million, the start of executive operations for the Balal gas field, estimated to be worth $440 million, and the plan to boost production. Nargesi field was also mentioned as one of the 28 strategies to maintain and boost oil output that was crucial.
Khojaste Mehr also announced the launching of the Sohrab joint field in the area of West Karoun oil fields in the near future and said “These plans will be implemented in line with the balanced development and in the strategic direction of the plans and projects of our country’s oil industry.”
By the conclusion of the Iranian calendar year, NGL 3200 will be operational.
The managing director of NIOC also announced the investment of $5.5 billion in the National Iranian South Oil Company and said “This amount of investment will be made in 16 reservoirs of Khami Group under the management of this company.”