BAKU, Azerbaijan, May 8. Iran's Oil Ministry has signed contracts worth $1 billion in the oil-gas and allied sectors since the current Iranian government came to power (the current Iranian government has been in power since August 2021), Iranian Oil Minister Javad Owji told reporters, Trend reports.
He made the statement during the 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals in Tehran.
According to him, 1,000 contracts have been signed with more than 670 startup companies in Iran during the period.
The Iranian minister said that as a result of the signed agreements, the import of 200 types of equipment and devices produced in the country for the first time in the last Iranian year (from March 21, 2023 through March 19, 2024) was prevented.
"Iran's Oil Ministry has set a goal to increase oil and gas production as well as the production of petroleum products and petrochemicals by relying on the potential of local start-up companies," he noted.
The 4-day 23rd International Oil, Gas, Refining, and Petrochemicals Exhibition kicked off in Tehran on May 8.
Meanwhile, according to the report of the Organization of Petroleum Exporting Countries (OPEC), Iran's crude oil production was 3,188,000 barrels per day in March (2024). Crude oil production increased by 28,000 barrels compared to February.
To note, Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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