NIOC: Iran to sign new oil contracts by end of year

NIOC Deputy Minister of Petroleum said that the condition is ready for signing new oil contracts by the end of this Iranian year (March 20, 2018), with South Pars phase 11, oil layer, and Azadegan field development on priority.


"It is estimated that new oil contracts worth over 15 billion dollars to be signed with international companies by the end of this year," Ali Kardar declared. He, also the Managing Director of National Iranian Oil Company (NIOC), expressed hope that the South Pars phase 11, oil layer and Azadegan field would enter the stage of singing new contracts.

"The fields are on priority list and the Ministry of Petroleum emphasizes their development, as they are shared fields," he added.

Earlier in May, Minister of Petroleum Bijan Zangeneh declared that it was probable that the first new oil contract be signed by the end of the current government’s term of office. After implementation of the Joint Comprehensive Plan Of Action (JCPOA) and the sanctions relief, the international oil giants launched talks to start their activity in Iran’s oil sector, and in some cases they signed memoranda of understanding or Agreements in Principle. A USD 4.8B Agreement in Principle was signed on the field last November in the new oil contract form with a consortium consisting of France’s Total, China’s CNPC and the Iranian Petropars.

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