Iran to sign over $ 20 bn in oil and gas contracts

An Iranian oil official says the Islamic Republic will soon sign multi-billion-dollar contracts for the development of its joint oil and gas fields.
According to Shana, the official website of Iran’s Oil Ministry, Managing Director of the National Iranian Oil Company (NIOC) Ahmad Ghalebani said, “New contracts for developing the joint fields will be worth over $ 20 bn.”

The Iranian official also said that a decision would be reached regarding 20 oil fields by the end of the current Iranian year (March 20), adding that the contract for the development of Lavan, Mansouri and Forouz B will be signed in coming weeks.
NIOC and Energy Persia Company signed a contract worth $ 600 mm for the development of Yaran oil field in west Iran.

Iran shares oil and gas fields with most of its neighbours in the Persian Gulf region including Qatar, Oman, Kuwait, Saudi Arabia and Iraq.
As the second major oil exporter of the Organization of Petroleum Exporting Countries (OPEC), Iran holds the world's second-largest crude reserves after Saudi Arabia and the second-largest gas reserves after Russia.