Iran Allocates $2 Billion to Enhance Oil Production Capacity and Quality

The National Iranian Oil Company has signed investment agreements totaling over $2 billion aimed at strengthening the Iranian energy sector, despite ongoing economic challenges and international sanctions. This announcement was made in the presence of Iranian President Masoud Pezeshkian.

Key Focus Areas of the Agreements

The agreements focus on two strategic areas:
Expansion of drilling capacity:
This includes the procurement of guaranteed drilling services and the addition of 20 new drilling platforms to Iran's fleet. This initiative aims to enhance operational efficiency and bolster local oil and gas production in the medium term.
Improvement of crude oil quality:
This will be achieved through the acquisition of advanced, quickly deployable refining services. The technology is expected to significantly enhance the quality of Iranian crude oil.

Supporting Production Goals

These investments are part of Tehran's ongoing efforts to develop its oil and gas sector, as strengthening local capabilities in drilling and refining will support Iran's production goals and reduce dependence on foreign resources.