Iran signed huge deals to develop 6 oil fields yesterday, Sunday, March 17, 2024, with investments exceeding 13 billion dollars. These deals aim to increase oil production in Iran by about 350 thousand barrels per day, and enhance local capabilities and reserves. This deal is the largest oil industry contract in the country over the past decade, and will be signed to coincide with the anniversary of the nationalization of the oil industry in Iran. These deals come within the framework of Tehran’s plans to increase hydrocarbon production and enhance its role as a major player in the global energy market.

It is noteworthy that the production of the oil sector in Iran has achieved a jump during the last two years, supported by government steps to develop huge reserves of hydrocarbons and develop the sector. However, Iranian oil production recorded a slight decline during February, bringing the total to 3.148 million barrels per day, according to OPEC data. Iran says that its crude oil production amounts to about 3.45 million barrels, and that fields shared with neighboring countries contribute about 48% of it.

Oil field development plans focus on strategic fields, such as:
● Azadegan Field: The largest joint oil field in Iran, located in Khuzestan Province, southwestern Iran.
● Azar Field: A complex oil field in terms of geological structure, located in Khuzestan Province.
● Soleyman Mosque Field: The first and oldest oil field in the Middle East, located in the city of Soleyman Mosque and Khuzestan Province.
● 3 fields in Sumar, Saman, and Dilawaran: located in the operating area of the Central Regions Oil Company in the west of the country.