NIOC Signs Over 30 Investment Contracts to Boost Production and Reduce Flaring

The National Iranian Oil Company (NIOC) has signed over 30 investment contracts to boost production, reduce flaring, and develop operational capacities in its south oil-rich regions.

According to Amir Moghiseh, Director of Investment and Business Development at NIOC, these projects are being implemented with the aim of increasing production, reducing gas flaring, developing processing capacity, and strengthening the country's drilling capability.

The majority of these contracts, 23, are focused on collecting associated gases and extinguishing flares in Khuzestan province, where it is predicted that by the end of this year, about 400 million cubic feet of associated gas will be collected.

Additionally, seven contracts have been signed for crude oil processing services using skid-mounted rapid-installation equipment, which will add 380,000 barrels per day to the country's oil processing capacity, equivalent to about 11 to 12 percent of the country's oil processing capacity.