BAKU, Azerbaijan, April 2. Iran is hoping to reach great development impetuses in the country's oil and gas sectors in the coming years, Iranian Deputy Oil Minister Houshang Falahatian told Fars News Agency, Trend reports.
The deputy minister said that it is possible to achieve improving in the oil and gas fields by developing relations with neighboring countries, as well as Asian countries in the coming years.
He added that Iran has reached a number of agreements to attract foreign investments worth $80 billion in oil, gas and oil refining sectors since the current Iranian government came to power (August 2021).
“As a result of reached agreements, contracts were signed on the making of foreign investment worth $5 billion in Iran's oil, gas and oil refining fields. It is hoped that the remaining agreements will be converted into contracts over time,” Falahatian noted.
The deputy minister also pointed out that the signing of oil contracts requires a long-term process. Because oil contracts have different and complex aspects and both parties need to study it.
There are currently 74 oil and 22 gas fields in Iran. So, 37 oil fields are operating in the territory of the National Iranian South Oil Company (NISOC), 14 fields – Iranian Central Oil Fields Company (ICOFC), 5 fields – Arvandan Oil and Gas Company (AOGC), and 18 oil fields – Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields – the ICOFC, 1 field – Pars Oil and Gas Company (POGC), and 3 gas fields – the IOOC.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.
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