Addressing a ceremony to sign 13 oil contracts with local companies in order to enhance and maintain productivity of oil fields on Monday, Masoud Karbasian said, "The share of domestic manufacturing in implementation of these contracts is more than 70% and this share at the end of all the projects will exceed 80%.”

The contracts were among a package of 33 deals aimed at enhancing and maintaining productivity of oil fields in Iran.

So far 23 of the contracts have been signed and fate of the remaining 10 will be determined by the end of the current Iranian calendar year to March 20, 2021, he said.

He said the projects would be financed by issuing Islamic bonds which is a type of local investment by guaranteed by NIOC.

The first 10 contracts were worth €740 million and were aimed at adding 75,000 b/d to the production capacity of the fields. The contracts were signed in 2018 and have so far progressed 25% in average.