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