An offshore oil rig operated by the National Iranian Offshore Oil Co., near the island of Lavan, Iran.
Photographer: Ali Mohammadi / Bloomberg
Photographer: Ali Mohammadi / Bloomberg
Iranian energy companies have agreed to $ 1.2 billion in agreements to increase the nation’s oil production, National Iranian Oil Co. said.
The signatures were originally scheduled to take 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 or duration of the delay.
Zanganeh said in mid-December that Iran plans to roughly double oil production next year to 4.5 million barrels a day as a country. anticipates a weakening of US sanctions after Joe Biden becomes president.
National Iranian South Oil Co. and Iranian Offshore Oil Co. will enter into agreements with domestic contractors covering the land fields in Bushehr, Fars, Khuzestan and Kohgiluyeh and Boyer-Ahmad provinces, NIOC said. The Reshadat offshore 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 to more than a dozen onshore and offshore crude oil deposits.
The organization of oil exporting countries, including Iran, is intended we meet on Monday to evaluate production. While the group of 13 nations reduced production in May to raise prices in the face of the coronavirus pandemic, Iran is exempt from a quota due to sanctions.
“With the assistance of James Amott.”