Iran Moves Ahead With $500 Million South Pars Oil Development Deal

Iran is moving ahead with a US$500-million contract for the production development and enhanced oil recovery from its strategically vital South Pars Oil Layer signed between the National Iranian Oil Company (NIOC), the Iranian Offshore Engineering and Construction Company, and an as-yet officially undisclosed foreign company. “In this contract, for the first time, horizontal drilling with new foreign technologies and water injection will be used as one of the methods of production enhancement,” said NIOC chief executive officer, Mohsen…