BAKU, Azerbaijan, May 9. Iran is negotiating with various countries to sign new oil contracts, Iran's Deputy Oil Minister and Executive Director of the National Oil Company of Iran Mohsun Khojastmehr said, Trend reports.
According to him, the National Oil Company of Iran welcomes investments by Iranian and foreign companies in all oil projects.
Khojastmehr stated that the discussions should lead to the signing of new contracts in the oil sector.
The official added that seven oil fields are currently being developed in Iran with the investment of foreign investors:
"These investments have a volume of $4.8 billion." The seven oil fields are Shadegan, Kupal, Aban, Paydar-e Gharb oil field, Dalpari, Paidar-e Shargh, and Cheshmeh-Khosh," he stated.
Aside from that, Iran has total hydrocarbon reserves of 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent of it, while 70 percent remains unused underground.
To note, according to a report by the Organization of the Petroleum Exporting Countries (OPEC), Iran's crude oil production was 3,188,000 bpd in March 2024. Crude oil production increased by 28,000 barrels compared to February.