Iran Launches Major Oil and Gas Field Development Projects Worth $13.6 Billion

The National Iranian Oil Company has announced the start of executive operations for five oil and gas field development contracts worth $13.6 billion.

The contracts, which are part of the 14th government's efforts to boost production capacity, will increase daily output by over 600,000 barrels of oil and 30 million cubic meters of gas.

Reza Aqebati, Director of Engineering and Development of the National Iranian Oil Company, stated that about $9.3 billion in contracts have been signed in the upstream development sector so far, with many more in the ratification process.

A total of 40 memoranda of understanding have been signed for the development of 39 oil and gas fields, with a potential investment value of over $37 billion if converted into contracts.