Azerbaijan, Baku, July 2/Trend M. Moezzi
When the Petroleum Engineering & Development Company's (PEDEC) oil projects become operational, they will add a million barrels of oil to Iran's daily output.
At ceremonies for the company's outgoing and incoming chiefs Rostam Ghasemi, Iran's Oil Minister, praised PEDEC saying its strong performance has kept it from becoming privatised, Shana news agency reports.
Mr. Ghasemi said the development of most of Iran's onshore oilfields has been decided. Now the focus is on moving ahead with developing offshore projects, especially in those fields Iran shares with other countries.
Naji Saadouni, PEDEC's former managing director is now an adviser to the National Iranian Oil Company's managing director, Ahmad Qalebai. Nader Ghorbani is PEDEC's new chief.
According to OPEC's latest monthly report based on secondary sources, Iran's oil production has decreased from 3.563 mbpd in the first quarter of 2012 to 3.138 mbpd in May.