The Iranian Ministry of Petroleum has signed nine contracts worth $1 billion with local companies to protect oil fields and increase oil production.

Axar.az reports citing IRNA.

The signing ceremony was held in Iran's Ministry of Petroleum with participation of Minister Bijan Zangeneh and heads of local oil companies.

The National Iranian South Oil Company and the Iranian Central Oil Fields Company signed the nine contracts to protect oil fields and increase oil production.

The National Iranian South Oil Company signed the contracts with five Iranian companies regarding Kabud, Gachsaran, Lali Asmari, Nargisi, Mansuri Asmari and Ramshir projects.

The Iranian Central Oil Fields Company signed the contracts with three Iranian companies regarding Danan, Saadat Abad and Naft Shahr projects.