(Persia Digest) – The second Iran Petroleum Contract (IPC) to develop joint “Aban” and “West Paydar” oil fields has been signed with Russia.

Iran’s Minister of Petroleum stated that this was a special contract, generating USD 4BN in revenue for Iran.

This 10-year contract was signed yesterday, 14 March 2018, between the National Iranian Oil Company (NIOC), Zarubezhneft of Russia, and Iran Dānā Energy. The contract is for the development, increased production, and exploitation of the above-mentioned oil fields, based on an 80-20 share for Zarubezhneft and Dānā Energy respectively.

Iran’s Minister of Petroleum, Bijan Zangeneh, said at the signing ceremony: “Presently, oil production from the joint Aban and West Paydar fields is estimated at 35 million barrels for the next 10 years. With the implementation of the agreement and enhanced oil recovery rates, 67 million barrels will be added to this figure during the course of these ten years. At current prices, this will mean a four-billion dollar revenue for our country.”

Persia Digest reports that this is the second IPC for Iran following the implementation of the JCPOA nuclear agreement. The first contract was signed in July this year for an upstream oil and gas agreement between NIOC and a consortium headed by Total for Phase 11 of South Pars oil field.

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