Iran on Sunday sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western sanctions.
In a ceremony broadcast on state TV, the oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields.
Shana, the official news agency for the oil industry, labelled the deals as Iran’s “biggest oil contracts in the past decade” and said they aimed to add 350,000 barrels per day to the country’s daily production.
In October, Iranian Oil Minister Javad Owji promised the country’s oil production would reach 3.6 million barrels per day by the end of the Persian year on March 19.
In the new year under the Persian calendar, “production will reach four million barrels per day,” he added.
Iran’s oil sector suffered a blow in 2018 when Western sanctions were reimposed, forcing foreign…
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