Shana – Iran said on Monday that it has plans to increase its crude oil production capacity by 3 million barrels per day.

Deputy Head of the National Iranian Oil Company (NIOC) for Engineering and Development Affairs Gholam-Reza Manouchehri said the boost is aimed at promoting and stabilizing the country's footing in the Organization of Petroleum Exporting Countries (OPEC) and the global market.

Speaking on the sidelines of the 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show-2017), the official said  NIOC has so far inked 24 memoranda of understanding (MoU's) with domestic and international companies for developing oil and gas projects in Iran since January 2016.

In January 2016, the landmark nuclear deal between Iran and the P5+1 group of countries over the former's nuclear program was implemented. Also known as the Joint Comprehensive Plan of Action (JCPOA), the deal opened up Iran to avid international companies seeking to win a share in the country's massive market.

NIOC signed an MoU with the Philippines' PNOC EC for carrying out studies over Iran's Pazanan and phase III of Darkhowin oilfields.

Manouchehri also said NIOC is mulling signature of contracts with a total value of $80b within the next two years with domestic and international contractors.