Tag Archives: National Iranian Oil Co. (NIOC)

West Karoon sits on over 70 billion barrels of oil reserves.

The main theme of the event is production boom in the country.

Iran is likely to award up to five oil exploration and production contracts to local firms.

India'.s waiver allowed the country to continue to buy about 300.000 bpd Iranian oil until early May.

The recent flash floods across the country had mostly hit oil-rich provinces such as Khuzestan.

Iran’s production from the oilfields in West Karoun has risen to 350.000 barrels per day during the last two years.

At least 26 of Iran’s 31 provinces have been hit by heavy downpours that began on March 19.

Iran has signed the largest number of oil deals with Russia for the development of Iranian oil and gas fields.

NIOC started oil offering at IRENEX due to the US’s withdrawal from Iran’s nuclear deal and re-imposition of sanctions against Iranian oil sector.

Five rounds of crude sale have so far been taken place at the energy exchange.