Iran’s NIOC signs 13 oil deals worth $1.8bn with 14 local companies

18 August 2020 (Last Updated August 18th, 2020 11:38)

The National Iranian Oil Company (NIOC) has announced that the Iranian Offshore Oil Company (IOOC) and the National Iranian South Oil Company (NISOC) have signed 13 contracts with 14 local firms.

Iran’s NIOC signs 13 oil deals worth $1.8bn with 14 local companies
The Iranian Offshore Oil Company and the National Iranian South Oil Company have signed 13 contracts worth around $1.8bn. Credit: National Iranian Oil Company.

The National Iranian Oil Company (NIOC) has announced that the Iranian Offshore Oil Company (IOOC) and the National Iranian South Oil Company (NISOC) have signed 13 contracts with 14 local firms.

The deals are collectively valued at around $1.8bn (€1.527bn).

According to NIOC, the implementation of these contracts will see 185,000 barrels of oil added to Iran’s current oil production capacity.

The deals will be implemented in the provinces of Khuzestan, Fars, Kohgiluyeh and Boyer-Ahmad, Bushehr and Hormozgan.

Among the total 13 contracts, NISOC handed out 11 deals while the other two were offered by IOOC.

Contractor firms that secured the contracts included Global Petrotech Kish Company, Petro Iran Development Company, North Drilling Company, Iran Offshore Engineering and Construction Company, and Petropars.

The related projects for the awards comprised developments of the Ramin, Mansourabad and Maroon projects.

At the signing ceremony for the contracts, NIOC Deputy of Development and Engineering Affairs Reza Dehghan said that the initial idea of ​​the plan to increase oil production was proposed in 2016. This plan was finally approved in 2018 by the Economic Council.

IOOC and NISOC are subsidiaries of NIOC.

IOOC claims itself as one of the world’s largest offshore oil-producing companies, while NISOC counts several oil fields, their equipment, installations, factories related to oil production and oil conduction facilities as part of its assets.