Iran will keep its oil production cap at 3.8mb/d in the second half of 2017 if the members of the Organization of Petroleum Exporting Countries (OPEC) stay committed to the oil cut agreement signed in November 2016, Reuters reported, citing Iran’s Oil Minister, Bijan Namdar Zanganeh.

In related news, the minister disclosed that the country has begun the process of holding a tender for developing Azadegan Oilfield, Iran Daily informed.

Talking to reporters during a ceremony to inaugurate Azar Oilfield development project, he added that qualified companies will take part in the tender in the near future.

Furthermore, Zanganeh stated that the second phase of Azar Oilfield development plan could be conducted within frameworks of Iran Petroleum Contract (IPC). According to him, the Ministry plans to raise the daily production of the field to as much as 100,000b/d.

Gases extracted from Azar will be directed to feed the Dehloran Petrochemical Complex to produce natural gas liquids (NGLs).