Ali Kardor, speaking on the sidelines of an energy congress here in Tehran on Tuesday, said the fields were being operated by the Iranian Offshore Oil Company (IOOC), a subsidiary of NIOC, and the contract was EPC/EPD deals.  

The official added the project underwent 8 licensing rounds and the final draft and the related documents were prepared.

“Regarding financing of the projects, we have planned for issuance of benefit bonds in the stock market which will be issued in October or December at an interest rate of 19%,” he said.

The official further said that NIOC had planned to sell its first crude oil cargo in the Iranian stock market on October 28.

"Selling oil in the energy stock market is profitable, but it's not a market for speculation," he added. “We need to show the nationalism of the investment and pursue the goals by exploiting a combination of financing methods.”

He further said that Iran’s crude oil production capacity could reach 8 million barrels per day provided that it enjoys production enhancement technologies.

“Given that even US oil shale cannot in the long run offset shortages in the market, sanctions on Iran's oil and other producers will cause serious troubles for consumers in the coming years,” Mr; Kardor argued.