NIOC inks deals worth $1b with domestic companies to boost output

January 23, 2019 - 20:31

TEHRAN – Subsidiaries of the National Iranian Oil Company (NIOC) signed nine deals worth $1 billion with domestic contractor companies for maintaining and increasing the production capacity of the country’s aging oil and gas fields, Shana reported.

The agreements were signed during a ceremony attended by Iranian Oil Minister Bijan Namdar Zanganeh and senior oil officials on Tuesday.
At the signing ceremony Zanganeh said, “We wanted to create projects only for Iranian contractors.”  
The awarded projects are part of a wider plan covering 33 projects for enhancing the production capacity at Iranian oil and gas fields.
As reported, a total of $6 billion is estimated to be invested for these 33 projects during a three-year period.
With an average investment worth of $220 million for each project, the mentioned projects are expected to add 300,000 barrels per day to the country’s oil output.

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