The National Iranian Oil Company (NIOC) has signed eight oil contracts with local companies to boost and maintain production at the Iranian fields at a cost of $1.2 billion, a press release reported.

The contracts included projects in Binak, Solabdar, Lali Bangestan, Gachsaran 3 and 4, Golkhari, Bibi Hakimeh and Ahvaz 2, 3 and 5 fields, which are operated by National Iranian South Oil Company (NISOC) in the provinces of Bushehr, Fars, Khuzestan, Kohgiluyeh and Boyer-Ahmad.  Additionally, a contract concerning Reshadat Offshore Field operated by the Iranian Offshore Oil Company (IOOC) was included among the eight contracts.

The contracts were signed in the attendance of Minister of Petroleum, Bijan Zangeneh, with North Drilling Company (Sina Energy Gostar Holding), Iran Offshore Engineering and Construction Company, Petroiran Development Group, Mashin Sazi Arak, Qeshm Oil and Energy Industries Partnership and Marunkaran, the National Iranian Drilling Company and Jahanpars Engineering and Construction Company as well as Khatam Al-Anbia Headquarters.