BAKU, Azerbaijan, August 9. Contracts on the development of two of Iran's joint oil fields are expected to be signed in the second half of the current Iranian year (September 23, 2023 through March 19, 2024), Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr said, Trend reports.
The official did not provide any information on what the oil fields are or who the contracts are being signed with. He did say that the total value of the contracts will be $8 billion.
Khojasteh Mehr also pointed out that since the current government came to power in Iran (August 2021), agreements have been reached with various parties worth $60 billion, in the country's oil sector. Contracts have been signed on some of these agreements, while discussions on others are being finalized.
“Currently, work has been started and operations are being carried out in oil fields under contracts worth $11 billion, and in addition, implementation of contracts worth $3.1 billion will begin soon,” he added.
There are currently 74 active oil and 22 active 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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