Mediaboss Marketing

Iran expects around US$50 billion worth of oil contracts to launch their operational phases next year, according to Fardad Daliri, director of investment at the Industrial Development and Renovation Organization (IDRO) of Iran.

The Islamic Republic is inviting local and foreign companies to take part in oilfield development projects that Iran wants to launch soon, Daliri said at an international exhibition in Tehran, as reported by Trend news agency.

We are hopeful to be able to sign huge oil deals on the development of shared oil fields both on and offshore, Trend quoted Daliri as saying.

Iran is finalizing talks and expects to soon sign deals with major international companies, including Frances Total, Denmarks Maersk, Malaysias Petronas, Indonesias Pertamina, and Russias Lukoil, the official said.

Totalthe first oil major to return to looking at investing in Iranis waiting for an extension of the waiver on U.S. sanctions against Iran before it makes the final decision on a US$2.2-billioninvestment in a gas project in the country, according to Totals chief executive Patrick Pouyanne.

OPECs no.3 producer, Iran, which is currently pumping just below 3.8 million bpd of crude oil, wants to increase its production to 5 million bpd by 2021.

In an interview with Reuters on Thursday, Irans Oil Minister Bijan Zanganeh said that the re-election of reformist President Hassan Rouhani last week was an important step toward signing big deals with big international companies.

Related:Europe Joins Race For Cheaper Batteries With This Gigafactory

One important step was the election, because in this election Iranian people said 'yes' to positive interaction with the world, the minister noted.

Zanganeh reiterated Irans long-term plan to lift the countrys production capacity to 5 million bpd in the next five years, thanks to new projects developed together with international companies.

Iran hopes to sign this year oil development contracts with Total, Lukoil, and Maersk, and possibly Pertamina, Zanganeh told Reuters.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Read the rest here:
Iran Sees $50B Oil Deals Enter Operational Phases In 2018 - OilPrice.com