The Iranian Government Is Funding An Increase in Oil Production

The Iranian government has signed $1.78 billion worth of contracts with 14 domestic companies aimed at boosting the country's oil production.

In total, the Iranian government has signed 13 oil contracts with companies, including two for the Resalat and Forouzan offshore fields and 11 mainly for fields in southern Iran. RezaDehghan, deputy director of development and engineering affairs at the National Iranian Oil Company (NOC), said the new contracts will boost and maintain Iran's oil production, which is expected to increase by 185,000 b/d.

At the contract signing ceremony, Iranian Oil Minister Ali Akif Zanganeh said oil prices had now stabilized, showing that production cuts by Opec and its Allies had worked.

In fact, in July, the Iranian government signed a $1.3 billion deal with its domestic companies to double the production capacity of its large Azadegan oil field to 320,000 b/d from 140,000 b/d.

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