According to NIOC, a ceremony was held on Sunday in the presence of Iranian President Ebrahim Raisi, Minister of Petroleum Javad Owji and NIOC CEO Mohsen Khojastehmehr to sign the strategic document.

According to the agreement, NIOC entrusted the financing, development and operation of the Sohrab joint oil field to Dana Energy Company in the form of the new model of oil deals.

The contract is aimed at cumulative production of 160 million barrels of crude oil from the field.

With the completion of the development phase of the project, production from the field is expected to reach 30,000 barrels per day. It is worth noting that the cumulative production in the 20-year contract is estimated at 160 million barrels. The value of the crude oil extractable during the contract period (excluding the value of associated petroleum gas from the field) is estimated at $8 billion.

The project entails natural discharge and drilling plans for 20 new wells, equipping 14 wells with downhole pumps, a compressor with three-phase pumps, crude oil pipeline and construction of a separation and measurement unit near West Karoon Production Unit.