Aug 28, 2017, 6:23 PM
News Code: 82647086
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Minister predicts signature of 10 new oil contracts

Tehran, Aug 28, IRNA – Minister of Petroleum Bijan Zangeneh said on Monday that as per talks with different sides, it is predicted that 10 new oil contracts to be signed until the end of this year (March 21, 2018).

He explained according to the negotiations with the other sides, it is predicted that around 10 contracts will be convened until the end of this year.

He underlined that signing new oil contracts has been prioritized, and added that all talks are underway very well and no negotiation will be detrimental to other talks.

Zangeneh reminded that development plan for Azadegan Oilfield takes time, because of its technical complexities and added that given to signature of the first oil contract after JCPOA, good progresses has been achieved in financial supply for oil development plans.

He said that technical discussions for each field are unique and it should not be used for other fields.

Several oil and gas fields development plan are prioritized to be introduced to international investors, which mainly are in common with neighboring countries.

On July 3, 2017 the first new oil contract in post-JCPOA era was signed between National Iranian Oil Company (NIOC) and an international consortium under leadership of French Total Company to develop Phase 11 of South Pars.

The contract was worth 4.8 billion dollars and by implementation of the project, 56 million cubic meters a day will be added to Iran's exploitation capacity from this joint gas filed with Qatar.

French Total Company is leading the consortium, which has international branch of National Chinese Oil Company and Iran's Petro Pars as its members.