Iran has invested a total of $20 billion in numerous sectors of its oil industry in the past 12 months, revealed Oil Minister Javad Owji on the sidelines of a cabinet meeting on Wednesday. According to the minister, the investment has been made through a series of contracts and memoranda of understanding.

The contracts signed sought to implement five significant projects with approximately six companies. President Ebrahim Raisi’s administration had previously identified twenty major undertakings in the oil production circle.

Owji also noted that the administration of President Ebrahim Raisi has defined 20 top-priority projects in the oil production sphere in order to restrict the sale of crude oil that hasn't been refined, with a focus on the resistance economy.

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A group of regional banks and oil businesses received a $7 billion contract from Iran on Tuesday for the development of the Azadegan oilfield. The oil field spans across the Iraqi border in southwest Iran. The contract was signed under the supervision of President Raisi in a demonstration that the initiative, according to him, is an example of Iran's capacity to marshal domestic resources for the construction of substantial infrastructure projects.

In parallel, Iraq has committed to making a sizable investment to develop its portion of the field, known as Majnoon, although Iranian ambitions of a similar nature have recently run into difficulties as a result of sanctions that prevent access to foreign money and expertise. Based on reports, Azadegan's crude oil production will nearly triple in seven years, reaching nearly 570,000 barrels per day.

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