Iran has invited international firms to participate in a tender on the development of several onshore oil and natural gas fields.

Iranian Central Oil Fields Company (ICOFC), a state-run subsidiary of the National Iranian Oil Company (NIOC), has announced on its website that it would present project packages for seven onshore oil fields and five onshore gas fields, worth an estimated $3.3 billion, from November 5 to 12.
The five gas fields are Gardan in Fars province ($555 million), Assaluyeh in Bushehr province ($1.1 billion), Mokhtar in Kohkilouyeh province ($500 million), Salakh in Hormozgan province ($225 million) and Kabir-Kuh in Ilam province ($465 million).
According to the website, buy-back contracts will be awarded to domestic and international companies participating in the tender.
Iran has huge crude deposits from which over 130 billion barrels can be drilled. Iran is the fourth largest oil producer in the world and OPEC’s second largest exporter; it is also enjoys the world’s second-largest natural gas reserves.
NIOC now produces over 4 million barrels of crude oil and more than 300 million cubic meters of natural gas per day.
Iran holds the world’s second largest gas reserves and the fourth largest crude reserves.
(Source: Press TV)