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NISOC to Hold Tenders for Developing 28 Oil Reserves

Source: Tehran Times 6/4/2018, Location: Asia

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National Iranian South Oil Company (NISOC) plans to develop 28 oil reserves in southern Iran through operation-based contracts, Shana reported on Tuesday quoting NISOC’s managing director.

'In this regard, 29 investment packages have been defined among which 11 packages received necessary licenses to go on tender' Bijan Alipour said. According to the official, with these reserves developed, the company's oil production capacity will increase by 340,000 barrels over the next two years.

He further put the required fund for the development of these reserves at about $4.6 billion, adding that this investment will have a significant impact on creating job opportunities and improving the business environment in the region.

In the past two years, NISOC has signed various contracts and memorandums of understanding with domestic and foreign companies including, UK’s Pergas, The U.S.-based Schlumberger Ltd and Russia’s TATNEFT, for working on Iranian oil fields.

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