The National Iranian Petroleum Engineering and Development Company (PEDEC) and Russia's ZN Vostok Company have emphasized the importance of accelerating operational activities in their joint projects, Trend reports.

A strategic convergence occurred today in Iran, involving key stakeholders from both corporate entities.

During the convening, the stakeholders engaged in a discourse on amplifying bilateral synergies and delved into methodologies for mitigating prevailing impediments.

Focused emphasis was allocated to the advancement of the Aban and Paydar-e Gharb hydrocarbon reservoirs, alongside the Cheshmeh-Khosh, Dalpari, and Paydar-e Sharq formations.

As of February 2024, ZN Vostok Company, a Russian entity, has allocated in excess of $500 million towards hydrocarbon-centric initiatives within the Iranian market.

In 2019, ZN Vostok signed a 10-year agreement with Iranian companies Iran Ofoqh and Kayson for the development of the Cheshmeh-Khosh, Dalpari, and Paydar-e Sharq fields, involving a total investment of $3 billion. The development operations on these fields began in mid-2020.