The contract was signed on Wednesday between the two companies and is to be completed in a 20-month period. An increase of 16,000 b/d of crude oil production in the three fields is expected by implementing the contract.

The ceremony of signing the contract for engineering services, purchasing items, drilling, completion, commissioning and financing of wells in Sivand, Esfand and Dena fields in the Siri Operation Area of the Iranian Offshore Oil Company, was held on Wednesday.

The EPD (engineering, procurement and drilling) contract was signed by Abdulhamid Esfandiyarpur, IOOC’s deputy director, and Roham Qasemi, CEO of PetroIran, and will be developed with €105 million of investment.

The deal concerns drilling, repair and completion of 13 wells in the three fields, including the drilling of four new wells, re-drilling 6 wells and repairing three others.

The contract will be completely fulfilled by domestic experts and drilling rigs.