BAKU, Azerbaijan, May 11. The National Oil Company of Iran and several local companies signed eight memoranda of understanding to develop oil and gas fields in Tehran (Iran) on May 10, Trend reports.
The 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals in Tehran served as the backdrop for the signing of the MoUs.
The total value of the signed memoranda of understanding is $8 billion.
Upon completion of the work under the memoranda, Iran's gas production will increase by 85 million cubic meters and crude oil production by 200,000 barrels per day.
The memorandum states that Iran will develop 15 oil and gas fields (12 oil fields and 3 gas fields).
The 4-day 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals kicked off in Tehran on May 8. 1,700 local companies and 250 foreign companies are present at the exhibition.
Meanwhile, according to the report of the Organization of Petroleum Exporting Countries (OPEC), Iran's crude oil production was 3,188,000 barrels daily in March 2024. Crude oil production increased by 28,000 barrels compared to February.
To note, Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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