Iran Boost Oil Production Capacity, Signs 13 Contracts

Iran Boost Oil Production Capacity, Signs 13 Contracts

On Monday, the Islamic Republic, Iran, signed in a total of 13 contracts with 14 domestic companies, which is expected to increase the country’s production capacity by 185,000BPD. The oil contracts, assigned to the 14 local firms by IOOC (Iranian Oil Offshore Company) and NISOC (National Iranian South Oil Company), are worth more than 1.527B euros (or $1.78B).

Out of 13, eleven contracts are for the Islamic Republic’s southern oil fields, and two of them are for Forouzan and Resalat, the offshore projects.

Earlier, Iran also reported having signed a $1.3B deal with the local oil firms to twofold the production capacity at the Azadegan field. The deal is expected to benefit Iran with $1 trillion in future with the total oil production of 2.7 BPD from the ground.

The contracts are signed for enhancement and maintenance of oil production and would boost the output from 140,000 BPD to 320,000 barrels per day, doubling in the next 30 months in its Azadegan oil fields. The production was mere 45,000 barrels per day in 2013.

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