Iran signs several contracts with foreigners in energy sector – minister

Oil&Gas Materials 7 February 2022 18:38 (UTC +04:00)
Iran signs several contracts with foreigners in energy sector – minister

BAKU, Azerbaijan, Feb. 7

By Elnur Baghishov – Trend:

Iran has signed a number of contracts with foreign countries, including China and Russia in the energy sector, and details of the contracts will be announced in due course, Iranian Oil Minister Javad Owji said, Trend reports citing Shana News Agency.

He made the remark during the opening of the 15th International Iran Plast Exhibition.

The minister noted that in total, $4.5 billion worth of contracts on the development of oil and gas fields have been signed in Iran since the new government came to power (August 2021).

Owji added that on February 6, 2022, Iran signed a contract worth 800 million euro for the development of the Sohrab field.

According to him, since the new government came to power, large Iranian, as well as foreign companies have announced their readiness to participate in Iran's oil industry.

“In addition, 12 contracts have been signed in Iran on oil refining. As a result, 1.46 million barrels will be added to Iran's crude oil refining capacity,” Owji pointed out.

The minister also pointed out that a project to build a refinery in Iran with the capacity to process 300,000 barrels of crude oil per day has been submitted to the Iranian parliament.

Owji said that Iran currently has 153 billion barrels of crude oil and 33 trillion cubic meters of gas that can be extractable. At present, Iran has the capacity to extract 1 billion cubic meters of rich gas per day.

The 15th International Iran Plast Exhibition opened in Tehran on Feb. 7, 2022. The three-day exhibition presents equipment, raw materials, technical services and more related to the oil, gas and petrochemical sectors. In general, 430 local and foreign companies are participating in the exhibition.

There are currently 74 oil and 22 gas fields in Iran. So, 37 oil fields are operating in the territory of the National Iranian South Oil Company (NISOC), 14 fields – Iranian Central Oil Fields Company (ICOFC), 5 fields – Arvandan Oil and Gas Company (AOGC), and 18 oil fields – Iranian Offshore Oil Company (IOOC).

In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields – the ICOFC, 1 field – Pars Oil and Gas Company (POGC), and 3 gas fields – the IOOC.

Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.


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