Iran to ink oil contracts worth $10bn

TEHRAN, Sep. 17 (MNA) – Deputy oil minister said new oil contracts worth 10 billion dollars are expected to be signed in remaining half of the current Iranian calendar year (began March 20).

Managing Director of National Iranian Oil Company (NIOC) Ali Kardor touched upon sealing of developmental contracts in the upstream section of Iranian oil and gas industry saying that new agreements to expand oil and gas fields with an estimated value of about 10 billion dollars will be inked with domestic or foreign firms.

The official, while emphasizing that deals to develop three oil and gas fields will be signed in the current year, asserted “tenders will soon be invited for choosing contractors.”

Recently, NIOC managing director had announced that the first tender for development of oil fields is going to be held in within ICP format in October; “the development project for South Azadegan will be first oil field to be put out to tender.”

Under the provisions of the sixth National Development Plan, approximately 134 billion dollars of investment need to be attracted with top priorities being development of joint oil and gas fields, implementation of projects to increase recovery factor of hydrocarbon reservoirs as well as reconstruction and modernization of existing oil installations.

NIOC, so far, has sealed seven confidentiality agreements for expansion of joint oil and gas fields with Asian and European companies, including France’s Total.

HA/3770651

News Code 119772

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