Tag Archives: National Iranian Oil Co. (NIOC)

Concluding Contracts with topnotch firms can positively impact the country'.s economy in the long run.

The first and second stages of the project would become operational in 40 months and 60 months respectively.

At least nine Russian companies have voiced willingness to help Iran develop its oil and gas fields.

Total will operate the SP11 project with a 50.1 percent interest. while Iranian Petropars Company and the Chinese CNPC will have a share of 19.9 and 30 percent. respectively.

The 4.8 billion-dollar deal is the first major gas and oil agreement since anti-Iran sanction relief.

Sanctions promoted corruption in Iran in oil and gas business in order to circumvent sanctions.

Currently. Iran’s oil output stands at 3.8 million barrels per day. despite numerous statements that the country reached its pre-sanction production level of 4 million bpd.

The BP head said that the company would spend $15 billion in projects this year. and in 2018 and 2019.

The deal with Total increases Iran'.s energy security and is likely to encourage other foreign companies to invest in Iran.

Total holds a 50.1 interest in the South Pars project with state-owned China National Petroleum Corporation owning 30 percent and Iran’s Petropars 19.9 percent.