Iran Plans to Award $15bn in New Oil Deals

(NIOC) _ The next Iranian oil and gas award would be based on the framework of the agreement signed with the French energy giant Total last month over the development of South Pars Phase 11, the deputy director for development and engineering affairs of the National Iranian Oil Company (NIOC) said.

Gholamreza Manouchehri stated that Iran expects to attract as much as $15 billion in foreign investments into its oil and gas projects before next April.

NIOC was close to awarding the development of South Azadegan oil field. The project was the closest to finalization among NIOC’s top priority projects together with the development of South Pars Oil Layer. 

Last month, Iran’s Petroleum Minister Bijan Zanganeh emphasized that Asian and European companies are negotiating participation in Iran’s oil and gas development projects which would potentially need $200 billion worth of investment.

Zanganeh added that Iran was already planning to absorb 65% to 70% of this sum from abroad, the minister told Iran’s Parliament.