Oil ministry to award exploration projects to Iranian E&Ps

MNA – A senior official with the National Iranian Oil Company (NIOC) said the company would entrust exploration projects for oil and gas fields to domestic exploration and production (E&P) companies.

Director of Exploration Affairs at NIOC Seyyed Saleh Hendi said plans were underway to award exploration projects to domestic E&P companies now that the US was exerting pressure on foreign companies to operate in Iran.

“At least three exploration blocs will be awarded to domestic firms in the near future,” the official said.

Addressing a press conference on Tuesday, Mr. Hendi said NIOC presented 14 exploration blocs to domestic and international companies during the Tehran Oil Show in May.

“Despite the fact that the blocs were presented to investors in order to absorb direct investments, we have decided to award them to domestic companies given imposition of US sanctions on Iran’s oil industry,” he said.

He also stated that three or four blocs would be awarded to domestic firms in the coming months.

The official also confirmed that new discoveries had been made in oil and gas fields in Iran, but refrained from announcing any figures in this regard, saying announcement of such figures was only up to the Iranian Minister of Petroleum