Addressing a ceremony to sign a contract by the National Iranian Oil Company (NIOC) and Persia Oil and Gas Industry Development Company in Tehran on Saturday, Massoud Karbasian said the deal was the 6th one under the new oil contract model which is for 10 years and in addition to achieving a cumulative production of 39.5 million barrels of crude oil in the field, will also bring good revenue for the government and the contractor.

He estimated the cost of investing in the project at roughly $300 million, and said that this figure would be provided by the contractor.

Referring to the Iranian Minister of Petroleum's emphasis on determining the fate of all joint fields by the end of the Rouhani administration, Karbasian added: "This priority is being pursued despite sanctions, financial problems and the Coronavirus crisis, and this goal will be achieved by the end of the administration."

The official further added that contracts for developing Changuleh, Sohrab and South Pars oil layer had been prepared in the form of the new model of oil contracts and would be signed with the final approval of the Iran Program and Budget Organization.