Economic analyst: Iran's oil industry stands on its own feet
Baku, Azerbaijan, Jan. 21
By Elnur Baghishov - Trend:
During the last four decades the most specific feature of Iran's oil industry was that it could stand on its own feet in difficult times, Nersi Ghorban, an energy expert and economic analyst, said, Trend reports via ISNA.
The fact that oil industry supported the country during wartime and sanctions is very important and is the strongest feature of this industry, he underlined.
As it comes to the frailties of Iran's oil industry during the last 40 years, this industry didn't have full control over itself and in other words, this industry could not benefit from the the best technologies and investments of the world, Ghorban said.
After the adoption of the Joint Comprehensive Plan of Action (JCPOA), Iran's oil industry opened its doors to the world, but again the industry could not benefit from the opportunity, the expert said, adding that if, there were 10 agreements signed with foreign companies in those times, then the US wouldn't be able to impose sanctions on Iranian oil today.
Latest statistics show that the total hydrocarbon reserves amount to 836 billion barrels. Some 239 billion barrels of it can be extracted with the available technologies, which means that Iran can use only 29 percent and the rest 71 percent lays unused under the ground.
Lately the Petroleum Minister of Iran Bijan Namdar Zanganeh noted that one percent increase in oil extraction means 8 billion barrels more oil, which would bring extra income to the country. But, he added, in order to realize these, Iran needs more modern technologies because local companies don't own them at the moment.