According to the Public Relations Department of MAPNA Oil and Gas Development Company, the Preparatory Activities Agreement (PAA) for the development and operation of the Band-e-Karkheh oilfield was officially issued on Tuesday, March 25, 2025, by the National Iranian Oil Company (NIOC) to MAPNA Oil and Gas Development Company (OGDC), as the project's investor.
This contract, based on the new Iran Petroleum Contract (IPC) model and with a duration of 15 years, was signed on June 16, 2024.
The Band-e-Karkheh oilfield, with an estimated oil place of approximately one billion barrels, is expected to add 18,000 barrels per day to the country’s oil production upon implementation.