Iran signed on Monday a US$1.3-billion deal with domestic companies to double the production capacity at the massive Azadegan oilfield, expecting the rise in production to boost its oil revenues by US$1 trillion, Iranian officials said at the signing ceremony. Iran’s Petroleum Engineering and Development Company (PEDEC) has signed a contract with the local Petropars Group for the completion of the development of the South Azadegan oilfield, which the Islamic Republic shares with Iraq. At the Iranian field, production capacity is expected to more than double in 30 months, to 320,000 barrels per day (bpd) from 140,000 bpd currently and from just 45,000 bpd back in 2013, the oil ministry’s news service Shana reported on Monday. The Iranian companies also signed a deal to build a 320,000-bpd central treatment export plant (CTEP) at Azadegan, the largest oil and gas processing unit in Iran, which is scheduled to be built […]