Iranian companies will enjoy more than a 70% stake in output from the country's oil enhancement and maintenance projects, the Iranian oil ministry's news outlet Shana reported the National Iranian Oil Company's (NIOC) Chief Executive Officer as saying on Monday.
Speaking on the sidelines of the signing ceremony of 13 contracts with local companies to enhance and maintain oil field productivity, Masoud Karbasian said the share of domestic manufacturing in the implementation of these contracts would be more than 70% with this share exceeding 80% upon completion of all projects.
The contracts were among a set of 33 agreements to improve and sustain oil field production in Iran.
So far, 23 out of the total contracts have been signed, and he said by the end of the current Iranian calendar year to March 20, 2021, the fate of the remaining 10 would be decided.
He said issuing Islamic bonds -- a type of NIOC-guaranteed local investment would fund the projects.
The first 10 contracts, worth €740 million, aim to add 75,000 barrels per day to the fields' output potential.
The contracts were signed in 2018, a quarter of which have made progress to date.
By Sibel Morrow