Iran eyes 5 oil project deals with local firms

17 April, 2019 12:00 AM printer

Dubai: Iran is likely to award up to five oil exploration and production contracts to local firms, with the first deal expected within months, a senior oil official was quoted on Monday as saying.

Foreign energy companies, including France's Total, have suspended plans to invest in Iranian oil and gas projects after the United States reimposed sanctions on Teheran last year, report agencies.

Saleh Hendi, head of exploration at state-run National Iranian Oil Co (NIOC), said an exploration and development contract was expected to be signed with Negin Afagh Kish Energy Development Co (TENCO) within two months for the Toudej oil block, the semi-official news agency ISNA reported. NIOC signed a memorandum of understanding with the TENCO group for geological and geophysical studies at Toudej, located in southern Fars province, in February, the oil ministry's news website SHANA reported.