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Iran keen to sign oil, gas contracts with Russian, Chinese companies - minister

Oil&Gas Materials 26 April 2023 16:45 (UTC +04:00)
Iran keen to sign oil, gas contracts with Russian, Chinese companies - minister
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, April 26. Iranian companies are estimated to sign agreements and memorandums of understanding with large companies of Russia and China in the oil and gas sectors by the end of the second month of the current Iranian year (April 21 through May 21, 2023), Iranian Oil Minister Javad Owji told reporters in Tehran on April 26, Trend reports citing Shana News Agency.

According to Owji, the mentioned Russian and Chinese companies were invited to the 27th International Oil, Gas, Refining and Petrochemical Exhibition to be held in Tehran.

Reportedly, the 27th Iran International Petrochemical Industry Exhibition will be held in Tehran on May 17-20.

Due to the sanctions imposed by the US and Western countries on Iran's oil sector, foreign companies are not interested in Iran's oil sector. Iran is trying to develop its oil sector with the help of Russian and Chinese companies.

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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