The Iranian Oil Ministry has signed four contracts worth US$2bn, including agreements to develop two oil fields. The four contracts awarded covered development works at two major oilfields in west and south of Iran as well as two mobile oil treatment projects, which are expected to generate US$17bn in revenues for the country.
One of the contracts (worth US$1.3bn) was signed between the National Iranian Oil Company (NIOC) and the Oil Industries Engineering and Construction (OIEC) for development of the 4.8 Gbl Changouleh oil field in the Ilam province, under a 20-year contract to produce 228 kb of crude oil (60 kb/d). The oil recovered from this field is expected to be worth about US$13bn and will be supplied mostly to the nearby NGL 3100 Refinery. The second oil field contract was signed with Mapna Oil and Gas Development Company to develop the Band-Karkheh oil field in southwestern Khuzestan province, with an estimated 980 mbl of in-place crude oil. The 15-year contract estimates the extraction of 56 mbl (10 kb/d) of oil and the US$435m project should create US$3.5bn of oil revenues.
Finally, the last two 10-year contracts were signed with Mapna Oil and Gas Development Company and Maham Sharq Industrial Group, to provide crude production for three oil fields (Qalenar, Kaboud and Balaroud with total capacity of 40 kb/d) and to construct a crude oil production unit at the Mansouri oil field (75 kb/d), respectively. The contracts, worth $100 million and $140 million, will run until 2034.
At the end of 2023, Iran had a total of 28,380 Mt of proved reserves of crude oil and NGL.