Iran awarded a $1.3 billion contract to a domestic company for improved oil recovery at two onshore oil fields in the southwest part of the country, oil minister Bijan Zanganeh said Saturday. The contract was awarded by the National Iranian South Oil Co. to general contractor Mapna Group, with gross income from the project seen at $6 billion at an oil price of $50 a barrel, Zanganeh told reporters at a signing ceremony. The two fields in the southwest Khuzestan province Parsi and Paranj are currently producing 52,000 b/d of crude oil. The 10-year contract will raise the production to 85,000 b/d, with output over the 10 years at around 121 million barrels. “The contract core sum is $876 million and with its side costs the investment will reach $1.3 billion,” Zanganeh said. The contract […]