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| 03 September, 2017

Iran oil sector to see 'great boom in the next two years' - gov't official

Image used for illustrative purpose. A view of phases 2-3 of the South Pars gas field in Assaluyeh seaport at the Persian Gulf 1400 km (870 miles) south of Tehran.

Image used for illustrative purpose. A view of phases 2-3 of the South Pars gas field in Assaluyeh seaport at the Persian Gulf 1400 km (870 miles) south of Tehran.

REUTERS/Morteza Nikoubazl


Tehran – Deputy minister of petroleum for international and commercial affairs said on Saturday that given the enthusiasm shown by foreign companies for engaging in Iran’s oil sector, the industry will experience a great boom in the next two years.

According to the ministry’s website, Amir Hossein Zamani-Nia described foreign firms’ interest to take part in the Iranian projects as 'unparalleled', saying, 'There is intense competition across the world to attract foreign investment, but the amount of the assets is limited while competition for absorbing them is high.'

He also contended that attracting foreign capital depends on political atmosphere of the country as well as the agreements and the future negotiations.

'Despite the fact that Iran’s oil industry has a century-old history, its oil production is no way proportionate to it,' he said.

Zamani-Nia said that big companies are interested to invest in Iran, and its oil industry is now in a good position to attract foreign invstment.

He further added that the pace of negotiations with foreign companies is desirable, hoping that they will bear fruit in due time.

According to a directive by the Headquarters of Economy of Resistance, Iran National Oil Company should settle 10 contracts by the end of the Iranian calendar year (March 20, 2018) but only one agreement has so far been concluded.

Noting that the first agreement with Total, CNPCI and Petropars has been signed to develop the phase XI of South Pars Joint Gas Field, Zamani-Nia said that if technical talks are conducted properly, negotiations on the other sections will not take long.

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© IRNA 2017