Iran Signs $13 Billion in Oilfield Development Contracts To Boost Production

The National Iranian Oil Company (NIOC) announced Sunday a major step forward in the nation’s oil sector, signing $13 billion worth of contracts for the development of six oilfields, highlighting a significant investment in the country’s energy infrastructure. The contracts, aimed at bolstering Iran’s oil production and creating thousands of jobs, were inked in Tehran in the presence of high-ranking officials including Iran’s First Vice President Mohammad Mokhber and Oil Minister Javad Owji.

Key among the projects is the $11.5 billion agreement for the Azadegan field, Iran’s largest, promising to more than double its daily oil output. This field, along with Azar, Masjed Soleyman, Soumar, Saman, and Delavaran, are poised for development under these contracts, with goals to significantly boost production and employment. The initiatives are expected to increase Iran’s oil extraction by 400,000 barrels per day and generate 60,000 new jobs.

This ambitious expansion underscores Iran’s intent to maximize its resource utilization and strengthen its position as a leading oil producer globally. The country, already the world’s third-largest holder of crude oil reserves, is poised for further growth in the energy sector, with these projects slated to substantially elevate daily oil outputs and national revenue.