Iran to sign $14 million worth of oil, gas contracts

Business Materials 12 October 2012 14:12 (UTC +04:00)

Azerbaijan, Baku, Oct.12/ Trend F. Milad/

Iran is ready to sign14 million dollars' worth of oil and gas contracts with different companies, the managing director of the National Iranian Offshore Oil Company said on Friday.

"The contracts are ready and just need to be finalised," the Mehr News Agency quoted Mahmoud Zirakchianzadeh as saying. They include developing other oil and gas fields.

"Iran also signed 20 million dollars' worth of oil and gas contracts the previous year," he said.

Daily gas production in Iran is about 600 million cubic meters and this is projected to increase to 1.2 billion cubic meters in the future.

According to the National Iranian Gas Company, the country's oil and natural gas reserves account for 10 per cent and 16 per cent of the total world reserves, respectively.

Iran, with 155 billion barrels of recoverable oil reserves, ranks fourth worldwide after Venezuela, Saudi Arabia and Canada.

With 34 trillion cubic meters of natural gas reserves, Iran has the world's second largest natural gas reserves after Russia.