Iran's NIOC signs $5bn research deals to start 'new generation of exploration'

Iran's NIOC signs $5bn research deals to start 'new generation of exploration'
Published: 5 August 2019 - 8:30 a.m.
By: Carla Sertin
The director of exploration department of the National Iranian Oil Company (NIOC) announced the start of a new generation of exploration activities in the northeast of the country

Speaking on Sunday following signing of four research deals with universities and a knowledge-based company in Mashad, Seyyed Saleh Hendi said that exploration activities were now regarded as a priority by NIOC as emphasised by Iranian Minister of Petroleum Bijan Zangeneh.

“Although exploration in the east of the country is expensive and with high risk, given the region's long distance from the country's energy center, exploration in the northeast is a top priority for the National Iranian Oil Company; I expect that within two years, a drilling rig would be operational in the Kopeh Dagh region,” Hendi said.

The official said that the value of the contracts was $5bn.

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