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Iran excludes developing heavy crude oilfields

Iran Materials 16 December 2011 16:55 (UTC +04:00)

Azerbaijan, Baku, Dec. 16 / Trend F.Milad/

Iran has excluded developing heavy crude oilfields, the National Iranian Oil Company's managing director announced.

Heavy crude oilfields have also been excluded from the list of prioritu oil development plans, ISNA quoted Ahmad Qalebani as saying.

However, if any entity offers buy-back or finance investments on non-associated or heavy crude oilfields, we will welcome the offers, Qalebani explained.

"Developing joint oil and gas fields is the first priority of the country's oil industry," Ahmad Qalebani told the Shana news agency.

The NIOC is ready to conclude buy-back contracts with domestic investors, he said, adding that new policies have been adopted to support domestic manufacturers of equipment related to oil and gas industries.

Qalebani announced in November that 20 contracts will be signed by the end of the current Iranian calendar year (March 20, 2012) to develop joint oilfields.

Iran's oil minister believes that financing development of joint oilfields, even at 30-35 percent profit rates, is better than leaving this opportunity to rivals to tap the oilfields.

Qasemi said in November that 21 oil and gas fields should be offered to domestic and foreign investors by the end of the fifth five-year development plan (2015).

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