National Iranian South Oil Co. and Iranian Offshore Oil will sign deals with domestic contractors covering onshore fields in Bushehr, Fars, Khuzestan, and Kohgiluyeh and Boyer-Ahmad provinces, NIOC said. The offshore Reshadat deposit in the Persian Gulf is also part of the agreements.
The two NIOC subsidiaries agreed $1.8 billion of similar domestic contracts in August to boost production at more than a dozen onshore and offshore crude deposits.
The Organization of Petroleum Exporting Countries, including Iran, is to meet Monday to assess production. While the 13-nation group has slashed output since May to buoy prices in the face of the coronavirus pandemic, Iran is exempt from a quota due to the sanctions.
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