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Iran’s NIOC signs $1.8bn oil contracts with 14 local companies

first_imgThe implementation of the 13 contracts would add 185,000 barrels of oil to Iran’s current oil production capacity NIOC has signed 13 oil deals with 14 local companies. (Credit: National Iranian Oil Company) The National Iranian Oil Company (NIOC) has announced that its subsidiaries Iranian Offshore Oil Company (IOOC) and the National Iranian South Oil Company (NISOC) have signed several oil contracts, worth around $1.8bn (€1.527bn) in total, with 14 local firms.The implementation of the 13 contracts is expected to add 185,000 barrels of oil to Iran’s current oil production capacity.The deals will be implemented in the provinces of Khuzestan, Fars, Kohgiluyeh and Boyer-Ahmad, Bushehr and Hormozgan.NISOC signed 11 deals while IOOC signs two contractsAmong the total 13 contracts, NISOC signed 11 deals while the other two were signed by IOOC.The companies that secured the contracts include Global Petrotech Kish Company, Persia Oil and Gas Industry Development Company, Petro Iran Development Company, Pasargad Energy Development Company, Petrotenco, North Drilling Company the Iran Offshore Engineering and Construction Company, among others.The projects covered under the contracts comprise developments of the Ramin, Mansourabad, Maroon, Zilaei, Ahvaz, Balaroud, Resalat Project, and Forouzan projects.In July 2020, NIOC has signed a contract with Persia Oil and Gas Industry Development Company (POGIDC) for the development of the Yaran oilfield in the Khuzestan Province of Iran.The contract, which involves the development and integrated operation of the oilfield, follows a heads of agreement (HoA) signed by the two companies in 2016 to study the field.Under the agreement, the companies aim to achieve additional cumulative production of about 39.5 million barrels over 10 years in the field.The oilfield’s targeted production is planned to be achieved through a capital expenditure of $227m and operating costs of an estimated $236m.last_img read more

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