Iran Eyes First New Oil Deal Signed in 3 Months: Official

TEHRAN, July 10 (Shana) – Deputy Petroleum Minister for International Affairs and Trading Amir Hossein Zamaninia said Iran is likely to see signature of its first oil contract designed in a new framework within the next three months.

Addressing an international conference here in Tehran on Sunday, the official said Iran has priorities development of its joint fields and enhanced oil recovery by the new contract model. 

He assessed Iran’s current oil industry status as “OK”, the country has envisaged $285b in upstream, midstream and downstream investments in the petroleum industry within the next 5 years.

“We expect to attract at least 40 to 50 billion dollars of investments annually,” Zamaninia further said, expressing hope that Iran’s oil industry will promoted once the new model of oil deals are signed by the next three or four months.

Iran has doubled its crude oil exports since implementation of the Joint Comprehensive Plan of Action (JCPOA) which Tehran struck with world powers over its nuclear program back in 2015. 

Iran is currently exporting 450,000 barrels/day of gas condensate from 230,000 b/d of the commodity under the sanctions, he added.