NIOC Inks MoUs Worth $8 bln to Develop Joint Oil, Gas Fields

The National Iranian Oil Company (NIOC) signed memoranda of understanding (MoUs), valued at $8 billion, with a number of Iranian production and exploration companies with the aim of developing joint oil and gas fields in the country.

News ID: ۸۴۱۶۵۴

11 May 2024

EghtesadOnline: Speaking at the signing ceremony of the MoUs, Chief Executive of the NIOC Mohsen Khojastemehr said operational steps will be taken in line with the maximum development of the oil and gas fields.

The deputy oil minister also said that over the past few weeks, petrochemical companies invested heavily in constructing 20 gas reservoirs, valued at $7 billion.

The National Iranian Oil Company will provide Iranian companies with the necessary facilities to add 85 million cubic meters of gas to the existing capacity, Khojastehmehr noted, BORNA news reported.

The eight MoUs, valued at $8 billion, were inked on the 3rd day of the 28th Iran International Oil, Gas, Refining and Petrochemical Exhibition dubbed Iran Oil show 2024 between the National Iranian Oil Company and Iranian production and exploration companies, aimed at the daily production of 85 million cubic meters gas and also production of 200,000 barrels of oil per day (bpd). / Tasnim