IRAN’s oil ministry and local businesses have signed about $13 billion worth of contracts described as the biggest in the decade.
The new agreements sealed this past weekend will increase daily production across six major oil fields in the country.
The contracts were signed just one week after Pars Oil and Gas Company, a subsidiary of the Iranian Oil Ministry, signed at least $20 billion worth of contracts with domestic firms.
Located between the waters of Iran and Qatar in the Persian Gulf, South Pars was touted as the world’s largest gas field in terms of reserves.
Iran will use the funds to extract 90 trillion cubic feet of gas and 2 billion barrels of gas condensates and generate an estimated $90 billion in revenue.
In October of last year, Iran’s oil minister promised to boost the country’s oil production to 3.6 million barrels per day by March 2024.
Iran produced 2.99 million barrels of oil daily last year, with China ranked as its top buyer of crude oil exports.
