National Iranian Oil Co, or NIOC, signed its first oil deal with a local company using its new Iran Petroleum Contract (IPC), the company announced Wednesday. The heads of agreement prepares the way for a 20-year contract, worth some $2.2 billion, with Persia Oil and Gas Industry Development Company, to boost production at three onshore fields — Kupal, Marun and Yaran in the southwestern Khuzestan province — by 75,000 b/d to 260,000 b/d. “Our oil recovery rate is not good now. Yaran and Marun are around 10%. In Kupal, it is around 13%, and in the Asmari layer of Kupal, it is 18%. All these four fields need technology and development,” NIOC managing director Ali Kardor said in a speech before signing the deal Kardor. The fields contain a total of 14.5 billion barrels of oil in place, of which 2.5 billion are exploitable under the current recovery rates, […]