National Iranian Oil Company (NIOC) signed 33 oil memorandums of understanding (MoUs) with 28 local and foreign companies after the execution of Iran’s deal, also known as the Joint Comprehensive Plan of Action (JCPOA), IRNA informed.
JCPOA was signed in 2015 after a series of negotiations. Iran, along with the P5+1 (the five permanent members of the United Nations Security Council, including China, France, Russia, United Kingdom, United States, plus Germany), and the European Union (EU), signed an international agreement on the nuclear program of Iran in Vienna, ZAWYA reported.
The French Oil Major Total, China’s National Petroleum Corporation International (CNPCI), and Iran’s Petropars signed a $4.8 billion deal on July 3 for the development of South Pars Gas Field phase 11.
Total will be responsible for the operation of the SP11 project with a 50.1% interest, while Petropars Company and the Chinese CNPC will hold a share of 19.9% and 30%, respectively.
The $4.8 billion worth deal is the first major gas and oil agreement since the anti-Iran sanctions relief after the execution of the nuclear agreement between Iran and the world major powers.
Once completed, the project will add 56 million cm/d to Iran’s share of gas in the joint South Pars Oil Field with Qatar.
Furthermore, NIOC signed a MoU on July 17 with Petropars and Toyo Engineering Corporation in order to renew facilities and boost production at the Salman gas field.
Meanwhile, Russia holds the biggest share of signed MoUs with Iran among foreign countries.
Lukoil, Zarubezhneft, Tatneft, and Gazprom Neft companies are in charge of studying the oil fields Abteymour, Paydar Gharb, Dehloran, and Shadegan, respectively.
Moreover, NIOC is supposed to implement 10 contracts in order to develop oil and gas field within the current Iranian calendar year, which will end on March 20, 2018, according to Resistance Economy Headquarters.
Iran needs to attract $200 billion worth of foreign investments to develop its oil industry.