Feb 8, 2020, 3:55 PM
Journalist ID: 2374
News Code: 83665986
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Iran oil minister forecasts $6 billion growth in oil revenues

Tehran, Feb 8, IRNA – Iranian Oil Minister Bijan Zanganeh announced a 121-million-barrel rise in oil extraction after the implementation of the contract on developing Parsi and Paranj oilfields and said the oil revenues will increase to $6 billion by $50 (per barrel) rate.

Speaking on the sidelines of the ceremony to sign a contract on developing Parsi and Paranj oil fields, Zanganeh said this is the fifth contract which is of IPC kind.

The contract has become indigenized but its content is still that of IPC, he added.

Zangeneh noted that technology is the most important part of oil activities and then financing is of importance.

He said the project will be accomplished by 'MAPNA Group'.

Iran's oil minister called for activating the Iranian companies in the upstream contract during the sanction era.

MAPNA Group is a group of Iranian companies involved in the development and execution of thermal and renewable power plants, oil and gas, railway transportation and other industrial projects as well as manufacturing main equipment, including gas and steam turbines, electrical generator, turbine blade, and vane, HRSG and conventional boilers, electric and control systems, gas compressor, locomotive, and other pertinent equipment.

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