Iran awarded 13 contracts this week to local firms worth a combined €1.58bn ($1.8bn) in Tehran’s latest push to bolster its oil sector through domestic efforts. The deals were offered by Iranian Offshore Oil Company (IOOC) and the National Iranian South Oil Company (NISOC), tapping 14 separate domestic firms to carry out the work which will add 185,000 b/d to Iranian oil production capacity. Completion is expected within 2-2.5 years and involves drilling 130 new wells and repairing around 70 others.
The contracts span five provinces, and focus particularly on NISOC’s Marun field in Khuzestan province. (CONTINUED - 372 WORDS)