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Iranian NIOC inks deals worth €1.2 billion to boost oil output

In August 2020, NIOC signed 13 deals worth €1.527 billion with domestic companies.

Iranian NIOC inks deals worth €1.2 billion to boost oil output

Teheran, Janaury 12 - Neftegaz.RU. The National Iranian Oil Company (NIOC) signed 8 deals worth €1.2 billion with domestic companies for developing the Iran’s oil fields. The deals were signed in a ceremony attended by senior oil industry officials including the Oil Minister Bijan Zanganeh.

The mentioned contracts were inked by 2 NIOC subsidiaries namely the Iranian Offshore Oil Company (IOOC) and the National Iranian South Oil Company (NISOC), as employers, and 8 domestic companies for the maintenance of the production level and increasing recovery factor of several oil fields.

The awarded fields are located in various provinces including Bushehr, Fars, Khuzestan, Kohgiluyeh-Boyer Ahmad as well as Hormozgan provinces. Accordingly, 7 contracts for the development of Golkhari, Gachsaran 3 and 4, Binak, Bibi Hakimeh, Soulabdar, and Lali Bangestan were signed with:
  • Sina Energy Development
  • Iranian Offshore Engineering and Construction Company
  • Petroiran Development
  • Mashin Sazi Arak
  • Qeshm
  • Maroun Oil and Energy Consortium
  • National Iranian Drilling Company (NIDC)
  • Jahanpars engineering and construction company
Ahvaz 2, 3, and 5 and Reshadat projects were also awarded to the Khatam-al Anbiya Construction Headquarters.

Since the reimposition of the U.S. sanctions, the Iranian Oil Ministry has been following a new strategy to encourage the country’s private sector to have a stronger role in the development of the country’s oil industry.

In this regard, NIOC has awarded several exploration and development projects to capable domestic companies in the past 2 years.

Back in August 2020, NIOC signed 13 deals worth €1.527 billion with domestic companies aiming to add 185,000 barrels per day to the country’s oil production capacity.

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