TEHRAN- National Iranian Oil Company (NIOC) signed contracts worth more than $2.5 billion with the private sector companies on Thursday, January 15.

The contracts were inked in a ceremony participated by President Masoud Pezeshkian, Oil Minister Mohsen Paknejad, and National Iranian Oil Company Managing Director Hamid Bovard.

The contracts were on “guaranteed purchase of drilling services”, and “purchasing crude oil processing services for the oil fields”.

The first contracts were related to the guaranteed purchase of drilling services. Many negotiations and investigations were conducted to evaluate the potential of the applicant investment-making companies, and at the end, six companies were selected for supplying 20 offshore drilling machinery.

According to these contracts worth about $1 billion, 270 new wells will be dug during five years and jobs will be created for 4,500 persons.

The second contracts were related to the purchase of crude oil processing services for boosting production in Mansouri, Ab-Teymour, Ramshir, Mansour-Abad, Koranj, and Golkhari oilfields.

According to these contracts worth over $1.7 billion, 315,000 barrels per day of crude oil will be processed during 10 years and jobs will be created for over 7,000 persons.

MA