The second phase of the South Pars Oil Layer’s development project implementation deal was signed between Iranian Offshore Engineering and Construction Company (IOEC) and a renowned foreign company back in March 2022.
In a ceremony on Sunday attended by Head of the National Iranian Oil Company (NIOC) Mohsen Khojasteh-Mehr and other officials of Iran's Ministry of Petroleum and Parliament's Energy Committee, the operational phase started.
The South Pars oil layers development project started in 2004 with the aim of producing 25,000 barrels/day of crude oil.
The $500-million deal, prepared based on the Oil Ministry’s new model of upstream contracts.
South Pars oil layers are located approximately 100 kilometers from the coast of Iran in the Persian Gulf and adjacent to the joint water frontiers between Iran and Qatar.
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