He said his company's objective is maximum production from joint fields and the policy for increase in the production with the joint fields being on the axis will go on this year too.

The official said that last year, 700 million barrels of oil, gas and gas condensates were produced in the ICOFC and taking each barrel sold for 30 dollars, a total of 21 billion dollars in revenue was hence gained.

He said the ICOFC plans production of 20,000 barrels of oil from Khesht oil field in Konar Takhteh, Bushehr Province (South of Iran) in the Iranian calendar year of 1396 (March 20, 2017-March 20, 2018) and said by end of the Iranian month of Shahrivar (August 22-September 21), number of the ICOFC operating rigs will reach eight from 21 due to the policy to economize costs and raise productivity.

Commending on the new oil contracts, he said, "We are interested in using foreign capital and the latest technology to implement projects, needing the partners that we can use their technology on continued basis."

The ICOFC, established in 1999, is one of the five major production companies of the National Iranian Oil Company. It is responsible for production of gas and oil from 68 reservoirs, comprising 43 gas fields and 25 oilfields; among them, 14 gas fields and 9 oilfields are currently in operation, and by the end of the 20 year outlook plan it will have reached 89 fields in 19 provinces.

The Company, at its establishment, was assigned to develop and to produce oil and gas from onshore fields through utilization of all available technology and know-how. As of 2015, ICOFC is the largest natural gas producer in Iran.

The ICOFC comprises three companies: Southern Zagros Oil & Gas Production Company, West Oil & Gas Production Company and East Oil & Gas Production Company.

Based in Shiraz, : Southern Zagros Oil & Gas Production Company is in charge of production from the fields in 5 southern provinces; Fars, Boshehr, Hormozgan, Kohgiloyeh & Boyerahmad, and Charmahal & Bakhtiyari. The refineries feed gas and condensate is produced from four operational regions such as Nar-Kangan, Aghar-Dalan, Parsian, Gheshm-Sarkhon including 10 gas fields known as Aghar, Dalan, Nar, Kangan, Tabnak, Gavarzin, Sarkhon, Homa, Varavi and Shanol. The oil and gas it produces goes to the refineries in Farashband, Fajr, Sarkhon and Parsian. In addition to gas fields, some oilfields such as Sarvestan, Sa’adat Abad and Khesht will have been operated in SZOGPC in near future by which some 45 thousand barrels of oil will be added to country’s output. Present average gas and condensate production of the company is 250 million cubic meters per day and 74 thousand barrels per day, respectively. Maximum gas and condensate production of the company in 1388 (2009–2010) stood at 255 million cubic meters per day and 76.5 thousand barrels per day, respectively.

Based in Kermanshah, West Oil & Gas Production Company was established in 2000. There are 5 provinces in its area: Ilam, Kermanshah, Lorestan, Qom and some northern parts of Khozestan. This subsidiary has focused on producing oil and gas from 5 operational regions. : Cheshmeh Khosh, Dehloran, Sarkan, Naftshahr and Tang-e-bijar At the outset, the company started producing 52.8 thousand barrels of oil per day while the trend has boosted through some operational and engineering measures. Currently, average oil production of the company stands at 165 thousand barrels per day and some 7 million cubic meters of gas and 7 thousand barrels of condensate is produced as well.

Based in Mashhad, East Oil & Gas Production Company was established in 2001. At the outset, it commenced its activity to produce, separate and transmit gas and condensate in order to provide gas for Hashemi nejad refinery. Activity zone of the company is in Khorasan Razavi province. The subsidiary producesa gas and condensate from Khangiran and Gonbadli fields in Sarakhs. This company provides gas for household and industrial consumption of provinces like Northern and southern Khorasan, Mazandaran, Golestan, Semnan, Khorasan Razavi and Gillan. It is also responsible for supplying gas for Khorasan petrochemical unit and Neka power plant. Its average gas and condensate production 48 million cubic meters per day and 29.2 thousand barrels per day, respectively. Maximum gas and condensate production of the company in 1388(2009–2010) stood at 58 million cubic meters per day and 33 thousand barrels per day, respectively. Gas production capacity of the company is 61mcm/d.