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Iran signs $300 million Yaran oil field project

Christian Fernsby ▼ | July 13, 2020
Iran will pursue raising oil production and development plans despite existing U.S. sanctions, which Oil Minister Bijan Zanganeh sees as temporary.
Bijan Namdar Zanganeh
Iran   Raising oil production
Register Now "It is true that our oil production has now decreased because of the unfair sanctions. But it will not remain like this forever. We should increase capacity so that anytime needed, we enter the market with full force and revive our share," Zanganeh said, according to Shana.

Topics: Iran oil

Zanganeh said that contracts for all shared oil and gas fields will be signed before the current Rouhani administration leaves next summer. President Hassan Rouhani's term ends next year.

The $300 million contract to develop the Yaran oil field was signed between the state run Petroleum Engineering and Development Co. and the local contractor Persia Oil and Gas Industry Development Co., according to Masoud Karbasian, National Iranian Oil Co. managing director. The project aims to extract around 39.5 million barrels of crude within 10 years. The contractor is responsible to provide the total investment.

The Yaran oil field is located in the southwest Khuzestan province and is shared with Iraq's Majnoon oil field.