An offshore oil rig operated by the National Iranian Offshore Oil Co., near Lavan Island, Iran.
Photographer: Ali Mohammadi / Bloomberg
Photographer: Ali Mohammadi / Bloomberg
Iranian energy companies have agreed $ 1.2 billion in deals to increase the nation’s crude oil production, National Iranian Oil Co. said.
The signings were originally scheduled to take place in Tehran on Monday in the presence of Oil Minister Bijan Namdar Zanganeh, but have been 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 the country predicts a loosening of US sanctions after Joe Biden becomes president.
National Iranian South Oil Co. the Iranian Offshore Oil Co. will sign agreements with national contractors covering land fields in Bushehr, Fars, Khuzestan and Kohgiluyeh and Boyer-Ahmad provinces, NIOC reported. Reshadat’s offshore deposit in the Persian Gulf is also part of the agreements.
The two NIOC subsidiaries agreed $ 1.8 billion of similar contracts in August to increase production from more than a dozen onshore and offshore crude deposits.
The Organization of Petroleum Exporting Countries, including Iran, is they meet Monday to evaluate production. Although the group of 13 countries has reduced production since 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