BAKU, Azerbaijan, April 16. A total of 16 contracts worth $27 billion have been signed to develop oil and gas fields in Iran over the past seven months, National Iranian Oil Company (NIOC) official Rza Aghebati told reporters, Trend reports.
He said that execution operations have begun on nine of these contracts, worth $13 billion.
Aghebati said that the largest project under the contracts is the signing of contracts to increase pressure in the South Pars gas field, worth $17 billion.
“These contracts can help new investors cooperate with experienced investors in this field and accelerate work within the projects,” he pointed out.
The official added that Iran is the first country in the world in terms of overall oil and gas reserves, which have created favorable opportunities for investment.
To note, a total of 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Iranian Central Oil Zones Company, five in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. Additionally, the South Oil Zones National Company of Iran operates five gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates one, and the Offshore Oil Company operates three.
Iran's total hydrocarbon reserves are 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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