Iran: Energy Companies to Sign Oil Project Deals Worth $1.2bn

Iranian energy companies have agreed deals worth $1.2 billion to raise the nation’s crude output, state-run National Iranian Oil Co. said.

Zanganeh said in mid-December that Iran planned to roughly double oil production in the next year to 4.5 million barrels daily, as the country anticipates a loosening of U.S. sanctions after Joe Biden becomes president.

National Iranian South Oil Co. and Iranian Offshore Oil Co. will sign deals with domestic contractors covering onshore fields in Bushehr, Fars, Khuzestan, and Kohgiluyeh and Boyer-Ahmad provinces, NIOC said. The offshore Reshadat deposit in the Persian Gulf is also part of the agreements.

The two NIOC subsidiaries agreed $1.8 billion of similar domestic contracts in August to boost production at more than a dozen onshore and offshore crude deposits.