The biggest contract worth $11.5 billion was inked in the presence of First Vice President Mohammad Mokhber and Oil Minister Javad Owji.

Aiming to implement the country’s macro policies and five-year development plans, the 13th administration signed a 20-year contract with Dasht Azadegan Arvand Oil and Gas Development Company after intense technical, contractual, and financial talks.

Azadegan oil field is located in West Karoun, 80 kilometers west of Ahvaz in the vicinity of Iraq’s Majnoon field.

According to the estimates, Azadegan field contains around 32 billion barrels of oil in place (OIP). The field was earlier developed in two parts, South and North Azadegan, separately.

The initial memorandum of understanding was signed between NIOC, National Development Fund (NDF), exploration and production (E&P) companies, and banks in the presence of President Seyyed Ebrahim Raeisi on July 5, 2022.

Following several rounds of negotiations and studies, Dasht Azadegan Arvand Oil and Gas Development Company was set up. The company, which consists of two E&P companies, several exemplary banks, and NDF, is to carry out the Azadegan field’s integrated development project and increase its daily production to 550,000 barrels from 205,000 under the new upstream contract dubbed the Iran Petroleum Contract (IPC).