Reza Aqebati also said new upstream development contracts have been signed under the administration. In addition to the five contracts that have entered the execution phase, about $2.3 billion in upstream development contracts have been signed and are awaiting ratification and the required approvals.

He said about 40 memorandums of understanding have been signed for field development, covering 39 oil and gas fields.

If the MoUs are converted into contracts, they could pave the way for agreements with more than $37 billion in investment, Aqebati said.

He identified the Lavan, Khartang and Sefid Zakhor gas fields among the projects under consideration for development. Negotiations are also underway with domestic and foreign investors to develop the Yadavaran oil field, he said, expressing hope that the talks will conclude soon.

Easing investment in gas field development

Aqebati said NIOC, in cooperation with the government and the Plan and Budget Organization, has secured a Cabinet approval aimed at facilitating upstream investment.

Under regulations for developing gas fields, increasing production and allocating produced gas to energy-intensive industrial and petrochemical units, the approval creates an opportunity for such industries to invest in gas field development, he said.

Preliminary contracts to speed up projects

Aqebati said the time required between signing a contract and its ratification and entry into the execution phase can delay field development.

To address the gap, NIOC has introduced preliminary and initial contracts that allow some early development activities to begin while the main contract is being ratified, he said.

Using these preliminary agreements, NIOC can launch initial work and development preparations before the main contract takes effect, helping projects move into their execution and development phases more quickly.

Aqebati said Iran has significant oil and gas resources, ranking third globally in proven oil reserves and second in proven natural gas reserves. Combined, the country has the world's largest oil and gas reserves, he said.

Turning these reserves into sustainable production capacity is a key responsibility of the upstream oil and gas sector, Aqebati said, adding that the 14th administration has taken significant steps to develop fields and increase production capacity.