Categories: Business

Iran has announced major contracts to increase its oil production

Despite sanctions imposed by the United States since 2018, the Iranian government, on Sunday, March 17, announced a series of contracts worth $13 billion to increase its oil production.

The ambition of these projects, covering six fields in the south and southwest of the country, is to increase oil production. “About 400,000 barrels” daily, said Javad Ovji, minister responsible for oil.

The program is expected to increase oil revenues “15 billion dollars a year”

He added, during the signing ceremony held in Tehran on the 73rdE Anniversary of the nationalization of the oil industry in 1951.

Mr. Owji recently pegged the country’s production at four million barrels per day in March 2025, the end of the next year of the Persian calendar. The ministry clarified that these were agreements “Most Important in a Decade”During which period the sector faced low investment.

Production is increasing

Iran has no intention of implementing it “Not on foreign companies or loans”, according to Mr. Ovji. OPEC member Iran has the third-largest oil reserves and the second-largest gas reserves in the world, according to US Energy Agency figures.

Despite this abundance, its crude production fell to a three-decade low in 2020 due to severe international sanctions imposed after the United States unilaterally withdrew from the nuclear deal in 2018. Foreign multinationals then left Iran.

But crude oil production has started to rise again in recent months, particularly thanks to exports to China. One of the key agreements signed on Sunday concerns the Azadegan field in Khuzestan province (south-west), where the country’s main deposits are located.

The Iranian government recently unveiled a $20 billion program for the development by four national companies of South Pars, the world’s largest natural gas field, located in the Persian Gulf and spanning the waters of Iran and Qatar.

Also Read | Articles are reserved for our subscribers Political executions are on the rise in Iran

The world with AFP

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