The project for Development of South Pars Oil Layer (SPOL) kicked off on Sunday in a ceremony attended by Head of the National Iranian Oil Company (NIOC) Mohsen Khojasteh-Mehr and other officials from Iran's Oil Ministry as well as members of the Iranian parliament's energy committee.
Iran's signed a contract for a second phase of crude extraction from the oil layer of its gigantic South Pars gas field in March 2022.
The contract was signed between Iran's Offshore Engineering and Construction Company (IOEC) and and a major foreign energy firm.
The $500-million deal has been developed based on the Oil Ministry’s new model of upstream contracts.
A first phase of the project had started in 2004 with the aim of producing 25,000 barrels/day of crude oil.
South Pars, located some 100 kilometers from the coast of Iran in the Persian Gulf and adjacent to maritime border with Qatar, contains some 900 million barrels of crude.
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