SHANA - The CEO of the National Iranian South Oil Company (NISOC) said the company had received the permits for holding listening rounds for 11 investment packages aimed at developing 28 oil reserves in southern Iran.

Speaking on Monday, Bijan Alipour said his company, which contributed to over 80% of Iran's crude oil output, had defined 29 investment packages for developing 28 oil reserves in the country's southern oil-rich regions.

He said the projects were to be developed under operation-based model of oil contracts and would add 340,000 b/d to the company's oil production capacity within a 2-year period.

Alipour further said that an investment of roughly 4.6 billion dollars would be needed for materialization of the projects which would guarantee generation of many jobs in the southwestern province of Khuzestan.

The director of the National Iranian South Oil Company added that 124 land projects, drilling operations for 282 new wells, 143 workovers, and 165 well stimulation operations would be carried out in order to develop the reserves.

Moreover, 80 drilling rigs including 60 development and 20 workover rigs would be employed for the purposes of the projects.