Subsidiaries of the National Iranian Oil Company (NIOC) signed on Tuesday agreements with Iran-based companies aimed at maintaining and increasing the production capacity of nine ageing oil and gas fields in deals worth a total of US$1 billion, the Iranian oil ministry’s news service Shana reported . The agreements signed today are part of a wider plan to have 33 projects for enhancing the production capacity at Iranian oil and gas fields. The 33 projects will be worth a total of US$6 billion in three years, Shana reports. According to S&P Global Platts , the nine deals signed on Tuesday are expected to add nearly 90,000 bpd to Iran’s production capacity within the next three years, while the 33 projects are designed to raise Iran’s production capacity by 281,000 bpd. Iran’s capacity may be increased, but its oil production and exports are currently limited by the U.S. sanctions that […]