NIOC Signs $850m Contract With Dana Energy Company

The National Iranian Oil Company concluded an agreement with the Tehran-based Dana Energy Company on Sunday to develop the onshore Sohrab Oilfield near the Iran-Iraq border in the southern Khuzestan Province.
The $850 million contract aims to extract 160 million barrels of crude from the field over the next 20 years. The field’s current production, which stands at zero, is expected to reach 30,000 barrels per day by 2025, IRNA reported.
Given the price of each barrel of crude at $50 on average over the period, the value of extracted crude from the hydrocarbon reserve is estimated to be around $8 billion.