Iran's National Oil Company, Persia Oil Ink Contract To Develop Yaran Field

Iran's National Oil Company, Persia Oil Ink Contract to Develop Yaran Field

The National Iranian Oil Company (NIOC) signed on Saturday a deal with the Persia Oil and Gas Industry Development Company (POGIDC) for the joint development of the Yaran oilfield, the country's Petroleum Ministry said

MOSCOW (UrduPoint News / Sputnik - 11th July, 2020) The National Iranian Oil Company (NIOC) signed on Saturday a deal with the Persia Oil and Gas Industry Development Company (POGIDC) for the joint development of the Yaran oilfield, the country's Petroleum Ministry said.

"The National Iranian Oil Company (#NIOC) has signed a contract with Persia Oil and Gas Industry Development Company (POGIDC) for the development of Yaran joint oilfield. The contract is aimed at development and integrated operation of the #Yaran_oilfield pursuant to a heads of agreement (HoA) signed earlier for studying the field," the ministry wrote on Twitter.

According to the country's Petroenergy Information Network (Shana news agency), the multi-million contract aims to produce 39.5 million barrels of oil over 10 years in the field.

"The message of the agreement is that we stand up firm and do not give up," Iranian Petroleum Minister Bijan Zangeneh told reporters following the signing ceremony.

The project entails drilling six new wells - three wells in North Yaran and three others in South Yaran, according to the ministry's media outlet.