He also said that five agreements within the framework of the newly-developed IPC terms would be signed by October, adding that the agreements would be totally valued at $40 billion.

 

"Meanwhile, negotiations are under way for signing agreement on 10 fields, which we hope would be finalized by the end of the current [calendar] year," he said.

 

Manouchehri said 35 projects, worth $6 billion, were envisaged for enhanced recovery in oil fields administered by the National Iranian South Oil Company (NISOC), Iranian Offshore Oil Company (IOOC) and the Iranian Central Oil Fields Company (ICOFC).