The sum, which equals 77.7 percent of NIOC’s total budget, is to serve production enhancement, logistics, development of oil and gas reservoirs and hydrocarbon exploration in the current year to March 2015.

Moshtaq-Ali Gohari, a top official in NIOC, said the National Iranian South Oil Company (NISOC), Iranian Offshore Oil Company (IOOC) and Arvandan Oil and Gas Production Company will be allocated around 3.75 billion dollars while Pars Oil and Gas Company (POGC) and Petroleum and Engineering Development Company (PEDEC) will be allotted 13.9 billion dollars.