NIOC to award exploration projects to domestic companies

December 19, 2018

TEHRAN- National Iranian Oil Company (NIOC) will transfer exploration projects for oil and gas fields to domestic companies, the director of NIOC's Discovery Department announced on Tuesday.

“Plans are underway to award exploration projects to domestic companies now that the U.S. is putting pressure on foreign companies to operate in Iran”, Shana quoted Saleh Hendi as saying in a press conference.

“At least three exploration blocks will be awarded to domestic firms in the near future,” the official said.

Hendi also announced on Monday that new oil and gas fields have been discovered in the country during the past two years, IRNA reported.

“The details of the discoveries will be revealed by the Oil Ministry”, he said.

According to the official, there are currently about 40 newly discovered and already developed reserves across Iran which is an indication of significant work done by NIOC’s Discovery Department.

He furthered noted that following the country’s sixth five-year development plan (2016-2021), NIOC have had very good achievements in exploration of new oil and gas reservoirs.

“The U.S. sanctions haven’t had a significant impact on NIOC’s discovery activities and we are proceeding on schedule”, he added.

MA/MA

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