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Iran Eyes $2b in Yaran Oilfield Development
The CEO of the National Iranian Oil Company (NIOC) said developing Yaran joint oilfield would generate 2 billion dollars in revenue for Iran.

Addressing a ceremony to sign a contract by the National Iranian Oil Company (NIOC) and Persia Oil and Gas Industry Development Company in Tehran on Saturday, Massoud Karbasian said the deal was the 6th one under the new oil contract model which is for 10 years and in addition to achieving a cumulative production of 39.5 million barrels of crude oil in the field, will also bring good revenue for the government and the contractor

He estimated the cost of investing in the project at roughly $300 million, and said that this figure would be provided by the contractor.

Referring to the Iranian Minister of Petroleum's emphasis on determining the fate of all joint fields by the end of the Rouhani administration, Karbasian added: "This priority is being pursued despite sanctions, financial problems and the Coronavirus crisis, and this goal will be achieved by the end of the administration."

The official further added that contracts for developing Changuleh, Sohrab and South Pars oil layer had been prepared in the form of the new model of oil contracts and would be signed with the final approval of the Iran Program and Budget Organization.

About the National Iranian Oil Company (NIOC)

Since its inception in 1951 as the second largest oil company in the world, and the main member of OPEC, the National Iranian Oil Company has always tried to develop exploration, drilling, oil production and production in the world's regional and global partnerships in the Middle East. Gas, research and development, refining and distribution of oil, gas and petroleum products as well as exports, has established its unique and historic role as a company with a history of 66 years in the field of production and export in the region.
With huge hydrocarbon reserves, the company is among the largest oil companies in the world, with currently estimated liquid and gas recoverable hydrocarbons of about 159 billion barrels and 34 trillion cubic meters, respectively. In the meantime, the South Pars gas field with 13 trillion cubic meters of gas reserves alone, accounts for half of proven gas reserves in Iran.

Origine : Communiqué National Iranian Oil Company

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