Iran crude oil output should stabilize at 4 million barrels per day by the end of the current fiscal in March 2018.
Restoring relations with oil majors and raising crude production top Iran Oil Ministry’s priority list, Bijan Namdar Zanganeh, the oil minister, said.
In a letter to Ali Kardor, managing director of the National Iranian Oil Company (NIOC), Zanganeh laid out a roadmap for expanding Iran oil and gas industry and assigned the NIOC chief to pursue the matter.
The directive, published on the NIOC website Saturday, stipulates without a timetable that “10 oil and gas deals based on a new model of contracts (dubbed as Iran Petroleum Contract)” should be signed with global energy firms.
It adds that transfer of technology should and will be an integral part of future oil and gas deals as the country needs cutting-edge technology and equipment to offset natural decline in extraction from aging oil and gas reservoirs.
The rapport with multinationals is part of efforts to “elevate the NIOC’s stature in global upstream oil and gas exploration/production industry”.
Household names, such as French energy giant Total S.A., were forced to leave following tighter international economic curbs imposed over Tehran’s nuclear dispute in 2011 and 2012.
But the Rouhani administration has designed Iran new oil contracts (IPC) to replace a buyback model that reportedly did not appeal to foreign oil majors even before the tightening of sanctions.