The deal was signed in Tehran on Saturday by Masoud Karbasian, head of NIOC, and Mapna CEO Abbas Aliabadi, IRNA reported.
“Drilling 29 new wells and repairing eight others, Mapna will increase production from the fields by 85,000 barrels per day over the next 10 years,” Financial Tribune quoted Karbasian as saying.
According to the NIOC’s chief, the project is estimated to cost $1.3 billion.
After the wells are drilled, they will be injected with 304 million cubic meters of gas per day, he added.
Parsi Oilfield was discovered in 1964. located 130 kilometers northeast of Ahvaz, Parsi holds more than 10 billion barrels of crude oil in place. It currently produces 58,000 bpd of crude.
Paranj, nearby Parsi, holds 1.6 billion barrels of in-place crude. The field's output currently stands at around 18,000 bpd.
MAPNA is involved in a range of projects, including oil and gas field development, onshore and offshore drilling services, construction of downstream processing units, auxiliary facilities, utility and storage tanks, as well as the design and manufacture of equipment such as turbo-compressors for pipelines, refineries and processing units.