Speaking on Tuesday, Mr. Owji told reporters, "Plans have been made to increase production capacity from oil and gas fields, and €4.5 billion of field development contracts will be signed with domestic and foreign companies.”

He noted signing of another contract that will be signed on Tuesday, March 15, and stated in the coming calendar year which starts on March 21, the Iranian Ministry of Petroleum will see new contracts regarding development of oil and gas fields, especially joint fields in the west of Karoon region.