Iran’s Persia Oil and Gas Industry Development Co. signed a $463 million agreement with state-run National Iranian Oil Co. to operate and further develop Yaran oil field close to the border with Iraq in the southern Khuzestan Province.

The deal is expected to raise the field’s output by about 40 million barrels over a 10-year period, according to a video statement released by National Iranian Oil Co. on the oil ministry’s Shana news service.

The project needs $227 million in direct investment and a further $236 million in additional operating costs. Persia Co. is required to raise the funds to develop the field, National Iranian said in the statement, without providing details.

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