Mar 18, 2024
Iran just sealed $13 billion worth of deals to boost oil production in six major oil fields and counter Western sanctions.
According to Shana, the official news agency for the oil industry, this move signifies Iran's largest investment in the sector over the past decade. Iran aims to increase production by 350,000 daily barrels, it added.
This comes amid extensive Western sanctions imposed on Iran, forcing foreign companies to withdraw from the Iranian market. Iran, in response, has since been investing in self-sufficiency and home production to counter the effects of sanctions.
Iran will be "relying on domestic expertise", Oil Minister Javad Owji said, to uplift production in western and southwestern oil fields, including Azadegan in Khuzestan province which borders Iraq.
Earlier in October, Owji vowed to boost oil production to 3.6 million barrels per day by March 19, 2024.
english.almayadeen.net
Iran just sealed $13 billion worth of deals to boost oil production in six major oil fields and counter Western sanctions.
According to Shana, the official news agency for the oil industry, this move signifies Iran's largest investment in the sector over the past decade. Iran aims to increase production by 350,000 daily barrels, it added.
This comes amid extensive Western sanctions imposed on Iran, forcing foreign companies to withdraw from the Iranian market. Iran, in response, has since been investing in self-sufficiency and home production to counter the effects of sanctions.
Iran will be "relying on domestic expertise", Oil Minister Javad Owji said, to uplift production in western and southwestern oil fields, including Azadegan in Khuzestan province which borders Iraq.
Earlier in October, Owji vowed to boost oil production to 3.6 million barrels per day by March 19, 2024.
Iran signs $13bln in domestic oil production deals
Iran aims to add 350,000 daily productions of oil barrels and increase total production to 3.6 million per day, as previously promised.
english.almayadeen.net
