NIOC’s oil and gas in place reserves are 137 bn barrels and 28.17 trillion cubic meters. Current NIOC production capacities include 4 million barrels of crude oil and 437 million cubic meters of natural gas per day. Iran has had little exploration activity during the past 30 years, but that is changing as firms from several countries (including France, Italy, Malaysia, and the UK) have ignored US government sanctions to sign development agreements.