The first new oil contract in post-JCPOA was signed between NIOC and international consortium led by French Total Oil Company to develop phase 11 of South Pars in July 3, 2017.
Managing Director of NIOC Ali Kardor, Managing Director of Zarubezhneft Sergey Kudryashov and Managing Director of Dana Energy Mohammad Iravani signed the contract in the presence of Petroleum minister.
The contract with aim to execute recycling improve plan and increase in production and exploitation for a 10 year period of time was signed.
The aim of the contract is to access production of 48,000 oil barrels a day and 67 million barrels in 10 years.
The contract may be renewed for another 10 years by mutual agreement and share of participation of the Russian company is 80 percent and the Iranian partner 20 percent.
Joint oilfield of Aban located located 38 kilometers southwest of Dehloran city and Piedar Gharb oilfield is in 150 kilometers northwest of Ahvaz and in common border between Iran and Iraq.
The two oilfields currently have production capacity of 36,000 barrels a day.
