Iran's expanding crude oil production

Oil&Gas Materials 17 August 2020 12:44 (UTC +04:00)
Iran's expanding crude oil production

BAKU, Azerbaijan, August 17

By Elnur Baghishov – Trend:

The crude oil production will increase by 185,000 barrels per day with the implementation of 13 contracts in Iran's oil sector signed on August 17, Deputy Director of National Iranian Oil Company (NIOC) Reza Dehghan said, Trend reports referring to the NIOC.

He made the remark during the signing ceremony of contracts on the maintenance protection and increase of oil production.

The deputy director noted that these contracts will be implemented within 2-2.5 years.

Dehghan added that with the implementation of the contracts, Iran's oil production will total to 370 million barrels.

“In early 2019, 10 contracts were signed to maintain and increase oil production. There is a 25-percent progress in the work done on the basis of the contracts,” he said.

The deputy director emphasized that new contracts will be signed by the end of the current Iranian year (from March 20, 2020 to March 21, 2021) in this field.

Dehghan said that the contracts signed today cover Mansourabad, Marun, Zilayi, Ahvaz, Balarud, Chilingar, Resalat, Forouzan, Siyah Makan, Ramin and Garangan fields. These fields are located in Khuzestan, Fars, Kohgiluyeh and Boyer-Ahmad, Fars, Bushehr and Hormozgan provinces of Iran.

"The total value of the signed contracts is 1.5 billion euros,” he said.

According to the deputy director, the share of local production in the implementation of the projects under the contracts will be 80 percent.

Thirteen contracts were signed between the National Iranian South oil Company (NISOC), Iranian Offshore Oil Company (IOOC) and 14 Iranian contractor companies on August 17.

The signing ceremony was attended by Iranian Oil Minister Bijan Zanganeh and Deputy Oil Minister and CEO of the National Iranian Oil Company Masoud Karbasian.