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A domestic company based in Iran was awarded an oil recovery contract worth 1.3 billion dollars in a statement released by Bijan Zanganeh, Iran’s Oil Minister. The 10-year contract was awarded to the National Iranian South Oil Company to increase oil production from 52,000 b/d to 85,000 b/d; with an estimate of 121 million barrels over the coming decade.

Iranian Company Awarded Contract for Oil Recovery

A domestic company based in Iran was awarded an oil recovery contract worth 1.3 billion dollars in a statement released by Bijan Zanganeh, Iran’s Oil Minister. The 10-year contract was awarded to the National Iranian South Oil Company to increase oil production from 52,000 b/d to 85,000 b/d; with an estimate of 121 million barrels over the coming decade.

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