Iran oil ministry to sign $500mn deal with knowledge-based firms

Iranian Minister of Petroleum has said an agreement worth 500 million dollars will be signed with 54 knowledge-based domestic companies to enhance the production of the newly-discovered 700 wells in the country, IRNA reported. 

Javad Owji, in a meeting with the deputy speaker of Iranian parliament, said, “We have identified 700 oil wells that are operating with low efficiency, so contracts worth 500 million dollars will be signed with 54 knowledge-based companies to use technological methods to increase the production of the wells.”

“The oil ministry has also reviewed all of its needs in various fields including materials and equipment, refineries and petrochemicals and has called for the participation of capable knowledge-based companies for meeting these needs,” the minister added.

The number of Iranian startups active in the oil industry has reached to 450 this year from 150 in the previous year, the oil minister added.

The Iranian parliament has ratified a law, which was enacted by the current administration, to shore up the start-ups active in oil fields.