BAKU, Azerbaijan, April 23. The Iranian Ministry of Oil has significantly shortened the process of signing oil contracts with domestic and foreign companies, reducing the timeframe from 39 months to just five months, Trend reports.
This update was presented by Iran's Minister of Oil, Mohsen Paknejad, during a Cabinet meeting held on April 23, where he provided detailed information to President Masoud Pezeshkian.
At the session, Minister Paknejad emphasized that favorable conditions have been created for both domestic and international investment firms to engage in Iran’s oil sector, noting that a positive environment for mutual cooperation with neighboring countries has also emerged.
During the same meeting, it was announced that plans to construct a petrochemical plant on the Miankaleh Peninsula in Mazandaran Province, located in northern Iran, have been deemed inappropriate due to environmental and other concerns. President Pezeshkian ordered a complete halt to all related activities.
To note, a total of 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Iranian Central Oil Zones Company, five in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. Additionally, the South Oil Zones National Company of Iran operates five gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates one, and the Offshore Oil Company operates three.
Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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