"The project is in a good stage of development and plans are on the agenda to complete the drilling of 14 wells at the offshore Kish field, including a newly-drilled well by the yearend," Mohammad Reza Takaidi was also quoted as saying by YJC.
"The operation has so far registered a work-in-progress rate of 85%."
According to the official, special pipes using corrosion resistant alloys (CRAs) have been used for the gas field's development. CRA pipelines are widely used in the petroleum sector, but which cannot be produced by domestic companies. Takaidi noted that a set of equipment used in the field has been imported and the process has hit a snag due to the renewed US sanctions against the country's key industry, Financial Tribune reported.
However, he said, NIDC is in talks with Canada and Singapore to supply the equipment.
"The equipment will be delivered to Iran in the next two months and the drilling of wells at the offshore Kish field will be completed by December or mid-January," he added.
The new US sanctions will take six months to kick in, but a number of European companies have already halted their businesses in Iran despite verbal pledges by their governments to protect them against any fallout.
In 2017, Iran signed a basic agreement with Shell last December over studying the country's Kish Gas Field as well as South Azadegan and Yadavaran oilfields. Italian oil major Eni also signed an agreement with Iran in June 2017 for feasibility studies to develop the gas field. According to Takaidi, operations for the field's second development phase, which include both offshore drilling and onshore construction, could begin concurrent with the first phase.
"NIDC has submitted its proposals to other Kish onshore and offshore phases."
The giant gas field's development plans is devised within three phases, and the 14 wells are being drilled as part of the field's initial phase.
Discovered in 1968, Kish gas field is located 30 kilometers east of Lavan Island off the Persian Gulf. The field holds an estimated 1.3 trillion cubic meters of natural gas in place and more than 500 million barrels of gas condensate, an ultra light grade of oil.
Highlighting his company's role in the country's oil and gas sector, Takaidi said, "NIDC has 73 drilling machinery, of which 68 are currently active in major hydrocarbon fields."
"The majority of NIDC's drilling platforms are under contract with National Iranian South Oil Company, and deals have been concluded with Iranian Central Oil Fields Company for operation of 40 drilling platforms."