Deputy Director of the National Iranian Oil Company (NIOC) of Iran for Development and Engineering Gholamreza Manouchehri told reporters on the sidelines of the 2nd International Congress and Exhibition of Oil Exploration and Production and the 5th International Congress and Exhibition of Iran's Drilling Industry here in Tehran on Saturday that implementation of the contracts will increase Iran's crude oil output by 150,000 b/d.

In an address at the congress, Managing Director of the National Iranian Oil Company (NIOC) Ali Kardor had said that initiation of three new oil contracts will be finalized by the end of the current Iranian calendar year to March 20.