Iran to Boost Oil Output Via $1.2 Billion Deal With Local Firms
- Oil contracts will cover both onshore and offshore fields
- Nation anticipates easing of U.S. sanctions under Joe Biden
An offshore oil platform operated by the National Iranian Offshore Oil Co., near Lavan island, Iran.
Photographer: Ali Mohammadi/BloombergThis article is for subscribers only.
Iranian energy companies have agreed deals worth $1.2 billion to raise the nation’s crude output, state-run National Iranian Oil Co. said.
The signings were initially meant to take place on Monday in Tehran in the presence of Oil Minister Bijan Namdar Zanganeh, but have been delayed, NIOC said in a statement. The company didn’t disclose the reason for or length of the delay.