TEHRAN – Over $15 billion worth of oil deals is expected to be signed in the current Iranian calendar year, which ends on March 20, 2018, National Iranian Oil Company’s Managing Director Ali Kardor said.

In an interview with IRNA, the official said that developing phase 11 of South Pars gas field and also increasing production from the field’s oil layer, and developing Azadegan oilfield are prioritized as they are important shared fields.

Kardor went on to say that the tender for development of Azadegan oilfield is going to be held soon based on the new model of deals, known as Iran Petroleum Contract, or IPC. 

Last week, Iran's Petroleum Engineering and Development Company (PEDEC) Managing Director Seyed Noureddin Shahnazizadeh said some of the foreign bidders for Azadegan oilfield have presented their development proposals to Iran. France’s Total, Japan’s Inpex and Malaysia’s Petronas have handed their proposals in.

Kardor had said earlier that the 29 companies which were pre-qualified to bid for oil and gas projects under the IPC will be invited for the final tender.

EF/MA