SHANA — The CEO of the National Iranian South Oil Company (NISOC) said the company was fully withstanding the sanctions.
Addressing a press conference on the sidelines of the 24th Iran Oil Show, Ahmad Mohammadi said NISOC had signed a master research contract for carrying out studies on 6 reservoirs operated by the company with domestic consulting companies.
He said the company had also was holding licensing rounds for 8 production maintenance and enhancement packages whose fate would be determined soon.
As Mr. Mohammadi said, NISOC was also considering signature of two development contracts on its agenda.
“Sanctions are no good and we are withstanding them with all our capacity. There may be problems in export of oil but we will not pause our production plans,” he added.
NISOC has signed two major deals with the Persian Gulf Petrochemical Industries Company (PGPIC) as well as Maroon Petrochemical Company for gathering associated gases. Once operational, the project will prevent burning of 90 percent of the gas flared in the fields operated by NISOC in southern Iran, the CEO added.
“We are optimistic that implementation of the project will begin in the first half of the current calendar year (which began on March 21),” he said.
The official further noted that talks for developing Karanj Fields with Pergas Consortium were continuing. The field is now productive and a gas injection project is ongoing in the field and the contract concern enhancing its output.