A foreign oil platform operated by the National Iranian Offshore Oil Co., near Lavan, Iran.
Photographer: Ali Mohammadi / Bloomberg
Photographer: Ali Mohammadi / Bloomberg
Iranian energy companies have agreed $ 1.2 billion agreements to increase the country’s crude production, the state-owned National Iranian Oil Co.
The signings would have initially taken place in Tehran on Monday in the presence of Oil Minister Bijan Namdar Zanganeh, but were delayed, the NIOC said in a statement. The company did not disclose the reason for or duration of the delay.
Zanganeh said in mid-December that Iran plans to double oil production to 4.5 million barrels next year, according to the country. expects US sanctions to weaken after Joe Biden becomes president.
National Iranian South Oil Co. and Iranian Offshore Oil Co. will sign deals with local contractors covering lands in the provinces of Bushehr, Fars, Khuzestan and Kohgiluye and Boyer-Ahmad, NIOC said. The foreign Reshadat deposit in the Persian Gulf is also part of the agreements.
The two NIOC subsidiaries agreed $ 1.8 billion in similar domestic contracts in August to increase production on more than a dozen indefinite and offshore crude deposits.
The Organization of Petroleum Exporting Countries, including Iran, must meets Monday to judge production. While the group of 13 countries has had a decline in the price of buoy prices since May in light of the coronavirus pandemic, Iran has been exempted from a quota due to the sanctions.
– Assisted by James Amott