Iran will Sign New Oil Deals Worth $15bln

Managing Director of the National Iranian Oil Company Ali Kardor announced that the NIOC will sign several multi-billion-dollar crude contracts with foreign countries to develop the country`s energy fields.
`We estimate to conclude new oil contracts with international companies valued at $15 billion.` Kardor. also Iranian Deputy Oil Minister. said.
He. meantime. pointed to the development of South Pars projects. and said. the development of Phase 11 of South Pars. Azadegan oilfield and South Pars oil layer are in the final stage.
In relevant remarks in early May. Deputy Head of NIOC Gholamreza Manouchehri said that Iran plans to strike $80 billion worth of oil contracts over coming two years as the country is set to implement newly-developed IPC contracts.
`After signing $80 billion worth of contracts over the next two years. a labor market valued at around $50 billion would be created for domestic companies and contractors.` Manouchehri added.
IPC (Iran Petroleum Contract) is a new model of oil contracts set to replace buybacks.
He added that plans were under way for `stabilizing and boosting Iran`s standing within the Organization of the Petroleum Exporting Countries (OPEC) and the world.`
Manouchehri said the country contained more than 150 billion barrels of recoverable liquid hydrocarbon deposits and more than 700 billion barrels of oil in place.
`As it was already noted. every one percent increase in the recovery rate would mean an increase of 7.5 billion barrels of oil to the existing known reserves.` he added.
`Iran will continue to rank first to third among main energy players in the world.` he said. `We have to reach a point where we would be owning oil and gas technologies and we should not be content with being only a vendor.`

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