EghtesadOnline: The National Iranian South Oil Company is to start production expansion and maintenance projects in areas where the Masjed Soleyman Oil and Gas Production Company is operating, the managing director of NISOC said.
Ahmad Mohammadi said the projects will be implemented in 27 oilfields over two years and is estimated to cost $385 million, ISNA reported.
Work will start in the Asmari, Lali Bangestan and Zilaei regions in Andimeshk and Masjed Soleyman, both in the southwestern Khuzestan Province.
Mohammadi added that colleting associated petroleum gases as well as completion of petrochemical projects in the areas under MSOGPC will help complete the value chain in the region, according to Financial Tribune.
APG is a form of natural gas which is found with deposits of petroleum. It is often released as a waste from the petroleum extraction industry. When it is burnt off in gas flares, it is referred to as flare gas.
The first phase of Masjed Soleyman Petrochemical Company's ammonium and urea units development project has registered 90% progress and is expected to come on stream in four months.
The plant will get 861 million cubic meters of natural gas as feedstock to produce 660,000 tons of ammonium and one million tons of urea per annum.
Masjed Soleyman Oilfield, initially discovered by a British company more than a century ago in 1908, is Iran's oldest oilfield. The first oil wells in the Middle East were drilled in Masjed Soleyman.
The discovery substantially changed the economic dynamics of the region and turned the city into a major area of interest for western companies and countries that sought a share in Iran's growing oil industry. Over 1.5 billion barrels of oil have been extracted so far from the field.