The National Iranian Oil Company (NIOC) has signed contracts worth $13 billion with domestic companies, to develop upstream projects at six oil fields including Azadegan, Azar 2, Soumar, Saman, Delavaran and Masjed-Soleiman.

According to NIOC Managing Director Mohsen Khojasteh, these projects will increase oil production by 400,000 barrels per day (bbl/d), reaching a total of 620,000 bbl/d. This will generate an annual revenue of $15 billion for the country.

Moreover, these projects will also create 66,000 direct and indirect jobs, providing a boost to the economy. Khojasteh emphasized that these contracts are in line with the administration of President Ebrahim Raisi’s promises to develop the oil industry and improve the economy.

“Our plan, since the administration took office, was to prioritize the projects that result in economic growth and benefit the people,” Khojasteh said, adding that the company has, among other things, managed to increase the production and sale of oil since August 2021 when the Raisi administration took office.

The signing ceremony, which came just two days before the Iran Oil Nationalization Day, were attended by the Oil Minister Javad Owji and First Vice-president Mohammad Mokhber.