The largest deal, valued at USD 11.5 billion, is for the development of the giant onshore Azadegan oilfield, which holds an estimated 26 billion barrels of proven oil reserves.
The contract was awarded to Dasht Azadegan Arvand, a consortium of nine domestic E&P players and banks.
Citing a 2022 preliminary agreement between NIOC and Dasht Azadegan Arvand, Argus said the plan calls for output to be increased from 205,000 bopd to 550,000 bopd.
Another major contract, valued at USD 1.36 billion, was awarded for the development of the Azar oilfield by Sarvak Azar Engineering and Development.
The Azadegan oilfield shares a reservoir with Iraq’s Majnoon field, while Azar shares a reservoir with Iraq’s Badra field.
The NIOC plans to increase Iran’s oil production to 5.5 million bopd by 2031 and to maintain this level until 2041, expecting to spend around USD 150 billion.
TotalEnergies and ConocoPhillips have reached first oil production at the North Sea's USD 1 Read More
Equinor has acquired a 45% stake in two lithium project companies in the USA from Standard Lithium, the Norwegian energy… Read More
Seadrill has been awarded two drillship contracts in South Korea and the US Gulf of Mexico worth a total value… Read More
The World Bank has granted Namibia a $138 Read More
PetroVietnam exploration arm PVEP has announced two oil finds with combined initial reserves of 100 Read More
Air Products’s LNG liquefaction equipment deployed on Coral Sul FLNG in Mozambique has successfully passed its performance test, Air Products… Read More
This website uses cookies.